NEW YORK - If there's a bright side to the Argentine crisis, perhaps it's that the country, once a top player in the securitization arena, has now become somewhat of a textbook model for what works and what doesn't in the structured finance world in times of major trouble.

At a Latin American forum hosted by Standard & Poor's last week, analysts noted that the Argentine sovereign default has not produced as brutal of a contagion effect as was originally feared. However, the fallout has hit virtually every sector within the Argentine market and has left long-lasting and severe wounds.

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