IMHO Argentina is far from out of the woods with solving their problems. In fact they have done very little except to cut some government spending which is likely to cause their already 16% rate of unemployment to get even worse. Watch out for the smoke and mirrors problem resolution to their problems because the investors can easily end up bailing them out by losing principal just like happened with ACG and GSF when Russia defaulted.
Sorry portogalinha, but IMHO Argentina doesn't have anything covered. Just look at the NAV of AWF. It is down .32 cents today to $9.40. Never trust the Alliance Closed End Fund managers. You will lose heavily if you do.
I think you can make serious money if you understand the politics though. Argentina, like America, uses accounting principles that would send you and I to prison if we did the same. The problem with acg is that I'm not sure how they are generating their income.