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> You can get 20% of return on yearly bonds in dollars

Argentina has basically turned defaulting into a sport [1].

[1] https://en.m.wikipedia.org/wiki/Argentine_debt_restructuring

Exactly. Return and risk are inherently linked.

Anyone lending money to Argentina does so knowing their money is 50% not coming back.

I know nothing of Argentina finance, but if I take your sentence a facevalue, my assumption is that they have a high rate of estimated future inflation.

There is no free money in finance.

Argentina is legendary for bad credit, so that's why returns have to be so high

> There is no free money in finance.

There can be free money in the sense that a strategy can beat the market at a similar or lower level of risk. The "cost" for this is in personnel and infrastructure capital.

> I know nothing of Argentina finance

They have a big sailing ship and an (obviously unpleasant) guy in New York got it impounded in West-Africa a few years back (purely from a sailor's perspective).