In late December, Argentina default on $82 billion sovereign bonds, world's biggest ever sovereign default at the time.

Argentina suffered a recession in the late 1990s due to overexpansion during 1990-98 when the GDP grew by more than two folds from $141B to $362B. Recession and eventually the default followed the expansion: large amounts of government burrowing, weakend peso due to peso-dollar parity and devalued Brazilian real, and increase in government debt and IMF eventually refusing to bailout Argentina. Argentina couldn't make their payments for January 2002 and defaulted during December 2001. Newly appointed president Duhalde announces default in January 2002.

November - NML Capital, a subsidiary HF of Elliot Capital Management, initiates legal action against Argentina in the Southern District of New York to collect payment on defaulted bonds.

Argentina's creditors starts restructuring their debts for about $0.30 per $1.00. 92% of the creditors restructures the debt by 2010.

MSCI Barra Re-Classified Argentina from MSCI Emerging Markets Index to the MSCI Frontier Markets Index.

October - In an effort to collect on the debt it claims it is owed by Argentina, NML Capital asks a Ghanaian court to seize one of Argentina's ships, the ADA Libertad, that was parked off the coast of Ghana. NML Capital wins the case and Ghana seizes the ship. Later, the ruling is overturned by the UN Tribunal on the Laws of the Sea and the ship is returned to Argentina. (IBtimes)

November  - The US 2nd Circuit Court orders Argentina to pay holdout creditors $1.3bn on 15 December 2012, the same date Argentina is set to pay creditors that restructured. Since Argentina has already begun to repay the 92% of creditors that restructured, NML Capital is arguing that it should be paid back as well, and in full. (IBtimes)

April - NML Capital rejects Argentina's proposed payment plan, which it had made in response to an order by the US Second Circuit Court of Appeals. (Yahoo)

May - The IMF weighs in on the case saying that the result would have major implications for how future sovereign debt is restructured. (IBtimes)

June - Argentina files an appeal to the US Supreme Court, known as a writ of certiorari, to ask the court to overturn a ruling by the 2nd US Circuit Court of Appeals made in October of 2012. (IBtimes)

July - German courts side with Argentina and rejects similar hedge fund claims to those made by NML Capital against Argentine assets in Germany. (IBtimes)

July - France files an amicus brief to the US Supreme Court in support of Argentina's request. (IBtimes)

October - The US Supreme Court decides not to take the landmark debt case between Argentina and bondholders led by NML Capital. Argentina proceeds to file a second petition in the coming months that the Supreme Court reviews and eventually rejects. (IBtimes)

November - A US Appeals Court rejects "holdouts" request to remove a hold on payments in the landmark debt case. (IBtimes)

November - The US 2nd Circuit rules in favor of NML Capital, denying Argentina's petition for rehearing of the court's decision upholding an injunction that barred Argentina from paying holders of restructured debts while "holdout" creditors remain unpaid. Argentina would proceed to appeal to the US Supreme Court.

December - The US government files a brief in support of Argentina's appeal in the related assets case in which NML could enforce subpoenas against Bank of America and Banco de la Nacion Argentina seeking information about Argentina's non-U.S. assets.

January - The US Supreme Court agrees to hear Argentina's appeal in a related case involving foreign assets. This case would decide whether or not creditors have the right to receive information related to a country's foreign assets from financial institutions. (IBtimes)

June - The Supreme Court rejects Argentina's appeal for a hearing in the case. The Court also rules against Argentina in a related case involving the ability of hold-out creditors to locate the foreign assets of the sovereign nations they are suing. (IBtimes)

June - Argentina's lawyers tell a US District Judge that the country will negotiate with the hold-out creditors to try to reach an agreement. Argentina has until July 30 to settle the dispute. If it chose not to pay the hold-outs, it would be in technical default. (IBtimes)

June - US District Judge Thomas Griesa appoints Daniel Pollack to moderate negotiations between Argentina and holdout funds. (IBtimes)

June - Argentina attempts to pay its restructured bond holders but a US judge blocks the payment. Argentina had deposited $539m in the Bank of New York Mellon, but Judge Thomas Griesa ordered the payment blocked unless Argentina also pays the hold-out creditors. Argentina's Economy Minister Axel Kicillof blames the court's ruling as "absurd".

July - US District Judge Thomas Griesa orders Argentina and hold-out creditors to meet with a court-appointed mediator and negotiate "continuously." Argentina is facing a July 30 deadline to reach agreement or default for the second time in 13 years. Griesa rejected Argentina's request for a stay in the case. (IBtimes)

July - Negotiations with hold-out creditors fail and Argentina defaults on its debt for the second time in 13 years.

August - US Nevada court grants 'holdouts' discovery rights into assets of Kirchner family friends. (MercoPress)

August - Argentina has been mulling a plan to replace some of its foreign bonds with locally issued ones ever since a New York court ruled in 2012 that it could not pay creditors who accepted its debt swaps of 2005 and 2010 without fully compensating “holdouts” who jibbed at the deal. (Economist)

September - The United Nations General Assembly approved a resolution to launch negotiations on a multilateral framework for sovereign debt restructuring. (FT)

September - Argentina enacts law 26.984 that approves swap on the debt, creates a new trust to pay interests to bondholders and names Banco Nacion as a new trustee. (The Guardian)

September - New York court rejects appeal by Argentina, Citibank because it does not have jurisdiction to overturn a ruling barring a Citigroup unit from processing interest payments made by Argentina to holders of restructured local-law government bonds. The Citibank unit is the trustee for exchange bonds issued under Argentine law, which account for about a quarter of the total. Citibank, in appealing the decision, said its Argentine unit could face severe penalties if it cannot process a payment on those local-law bonds due on Sept. 30. (Foxnews)

September - Argentine President Cristina Fernandez meets bondholder and billionaire financier George Soros. The meeting comes after failing to complete a June interest payment to Soros and other holders of bonds restructured from a previous default. Soros' Quantum Partners hedge fund is one of four creditors that sued BNY Mellon in London last month, accusing the trustee agent of protecting its own interest by obeying the court. The other plaintiffs are Knighthead Master Fund, RGY Investments LLC and Hayman Capital Master Fund. (Reuters)

September - Griesa enables Citi to process one-off payment on US dollar-denominated Argie Law bonds. (Buenosairesherald)

September - A US judge has ruled that Argentina is in contempt of court for refusing to obey an order to repay the debt it owes to two US hedge funds. (BBC)

October - Central Bank Head Juan Carlos Fabrega resigns after Fernandez Speech. Alejandro Vanoli is named new Head of Central Bank.

October - Griesa scheduled a Dec. 2 hearing to weigh arguments over whether Citigroup Inc. (C.N) should be allowed to process an expected interest payment by Argentina on bonds issued under its local laws following its 2002 default.

November - Paul Singer’s NML can’t keep Argentine lawyer in U.S (Bloomberg)

November - U.S. judge says Citigroup can process Argentina's next bond payment (Reuters)

November - Argentina raids banks and financial houses (BBC)

November - US Federal judge Thomas Griesa has summoned Argentine Central Bank representatives for a new audience on December 10. President Cristina Fernández de Kirchner’s administration will seek a favourable ruling by magistrate Griesa, in an attempt to avoid an embargo on the country’s assets, following a request filed by the holdouts. (BuenosAiresHerald)

December - Pay interests to Argentina law-based bondholders.

January - After expiration of RUFO Argentina could pay interests to the 93% of bondholders.

The RUFO clause, which stands for rights upon future offers, prohibits the government of Argentina to offer anyone a better deal than what they gave to creditors who tendered their bonds and accepted a 70% haircut. (Forbes)

January - Death of an Argentine Prosecutor, Alberto Nisman. (Bloomberg)

February 13th - Fernandez Charged in Probe of Alleged Cover-Up (Bloomberg)

March 3rd - U.S. District Judge Thomas Griesa Said He Would Deal With "Me Too" Claims Filed by March 2 On the Same Schedule As Those of the Hedge Funds (Reuters)
US court ruling closes avenue for Argentine debt payments (Yahoo, AFP)

June - Limit for electoral alliances and beginning of electoral campaign.

July 1st - US Open its market to Argentinian beef (Mercopress)

August 13th - Griesa sanctions Argentina for not turning in information on assets (Mercopress)

September 1st - US Appeals Court backs Argentina: sovereign immunity for Central bank funds (Mercopress)

September 3rd - Argentina's central bank and foreign private banks clash over removal of HSBC directors (Mercopress)

October 6th - Griesa sanctions Argentina for not turning in information on assets (Mercopress)

October 24th - Holders of Argentine Euro bonds demands BONY services debt or faces lawsuit (Mercopress)

October 26th - Argentina headed for a runoff between Daniel Scioli and conservative rival Mauricio Macri (Mercopress)

October 31st - Griesa accepts 'me too' claims and raises Argentina's bond debt to US $9B (Mercopress)

November 23th - Mauricio Macri elected president (Mercopress)