RIO DE JANEIRO, BRAZIL - The negotiations between Argentina and its creditors seem endless. When the first deadline to reach an agreement expired on May 8th, a deferment to May 22nd was decided. This was then extended, with the country already in default, until June 2nd.

And there will most probably be a new extension, which Buenos Aires will announce today to the New York Stock Exchange authorities. But both parties' positions are now closer than ever. An agreement on the US$68 billion in contention is starting to emerge.

In truth, it is not about US$68 billion, but much . . .

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