Liquidity concerns led to Argentine debt trading up to below 20% of nominal in the financial crises. 1000 Dollar of nominal exchanged hands for only 200 Dollar. This happened even as the relation of government debt to GDP at 11% is one of the lowest on this planet for debtor nations. Even the bonds of the state controlled oil company collapsed, which instead was certain to keep its interest payments going as this company exports oil and thus external debt collection is possible. Nowadays these bonds are trading at 300% of the deeply distressed levels.
GAMAG Black+White profited from the several Argentine debt restructurings with one of the leading emerging markets distressed hedge funds as well as from its own holdings of bonds until today.