Argentina has defaulted on its debt, according to Standard & Poor’s, the rating agency, after it announced plans to delay payments on its $101bn of borrowings.
The Financial Times reports that on Wednesday Buenos Aires announced plans to postpone $7bn of payments on its short-term local bonds for up to six months while it pushes for a “voluntary reprofiling” of $50bn of longer-dated debt, which is mostly owned by foreign investors. The government also said it plans to delay repayment of $44bn of loans from the IMF.
Argentina has already defaulted on its debt eight times, twice since the turn of the millennium.
Via Financial Times
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