You're right about "paper," in this context, meaning a newly-issued bond. See definition 5 here. Dictionary - Yahoo! Education
Student or Learner
I came across an article the other day part of which goes as follow:
"Unfortunately,the goverment(Argentina) obliged funds to invest two-thirds of their assets in government bonds.Their value plunged after the 2001 finacial crisis, when Buenos Aires forced funds to swap the bonds for new,discounted paper and then defaulted altogether."
I 'm perplexed by the use of "paper" here.Does it mean the paper currency of the country or a sort of newly-issued bond ,or something else ?Please help me .Much obliged.
Thank you so much !