External debt and bonds in Default. The Exchange: who benefits? We all expectantly to what is happening in the Argentina Republic in relation to the payment of debt in default by resorting to the use of the accumulated reserves in the nation’s Central Bank. The argument of the Argentine Government to pay debt with the aforementioned reservations is the urgent need to improve the international image of the country and in this way encourage potential investors to renew their confidence and to return to buy the new bonds, which will be issued, agreed after a difficult negotiation with the creditor banks. This decision, the cancel debt by resorting to reservations, it has generated a raspido confrontation between the Argentine Government and the opposition, and is reflected in a paralyzed National Congress which fails the necessary agreements and has led them to rely on more than one occasion, to the judiciary, to make this intervention and what prevents both contenders, Government and opposition, trying to perform. Faced with this panorama, the International banking, which qualifies the State of debt, has noticeably improved the same rating, noting some rejoicing in the unpaid, and depreciated bondholders face the possibility of huge profit, materialize the terms in which the Government proposes the negotiation. Well, who are the current holders of the bonds in question? To answer this question, I suggest we make a slight compilation of certain events that make the origin of the first buyers of bonds issued by the Argentine State, as they arose and what have been the reasons that caused them to acquire them. Let’s see: Opportunity to be in countries with economies developed, I was interested by the situation of large sectors of the population, who, prompted by an extremely aggressive propaganda, they had fallen into the clutches of consumerism, reaching extremes truly worrying insofar as its ability to maintain a basic balance in the increasing difference between their limited income and growing indebtedness as a result of the greed to consume everything that offered them through increasingly tempting offers.