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The catch, with the Argentinians playing in SH tournament, is that the majority of their "first string" players invariably play club rugby mostly in France. Whilst a full strength side would be creditable, we would be unlikely to see it.
Having said that, I do think it is beholden on the current SH unions to open a genuine dialouge and see how it could be worked out. Even in the Argies did a 3 nation run through tour each year. Thats 3 more test matches than they play now.