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Being one of the affluent economies in the world in yester years, the Argentine economy had faced severe debt default crisis in 2014. Inappropriate government policies, political tension prevailing within the country, surging inflation and unemployment rate, oil price shocks in international market, devaluation of peso at par with dollar, etc had ultimately turned back the Argentine economy into a recessionary condition. In addition to all these factors, the Argentine government had faced stark debt default debacle in 2001 when it defaulted about $80 billion debt funds mainly due to failure of steady payments on its borrowed loans during 1990s. In an attempt to counter the sovereign debt crisis, the Argentine government had introduced two bond exchange programmes in 2005 and 2010 respectively. However, both these initiatives were not proved successful as 92% of the bondholders had accepted the new bond swap proposal whereas remaining 8% turned down the offer. These 8% bondholders (termed as 'holdouts') demanded full payment of bond value with interests from the Argentine government. Conversely, the Argentine government had decided to pay reduced payments on the US hedge funds, ignoring bondholders' demand. In an attempt to combat such financial fiasco, the UN General Assembly had sanctioned a resolution for introducing a global legal framework in 2014. Moreover, the Brazilian authority had suggested a diplomatic solution proposal to the Argentine government for surpassing such commercial crisis. In this context, whether the Argentine government would be able to offset the sovereign debt crisis in future was to be seen.