With two sovereign debt defaults within the last thirteen years, Argentina represents an interesting case study on the causes and effects of defaults by sovereign states. Argentina has had a history of economic strife for the last one hundred years, largely due to political and economic instability. This paper discusses the economics of Argentina after the 2001 financial crisis that lead to the default in 2014. The paper also explains the main legal aspects for the Holdouts versus Argentina trial over the pari passu controversy, as well as discusses the different reactions to the trial and consequential default.