Argentina Defaults Again on Debt
More than 90 percent of the creditors holding the 2001 Argentine debt agreed in 2005 and 2010 to write off 70 percent of the money they were owed. But several holdout investors refused, leading to the new financial crisis.
After the negotiations failed, Argentine Economy Minister
"The president [
It was not immediately clear how the default would affect the Argentine economy, already in a recession and with one of the world's highest inflation rates.
The U.S. credit ratings agency Standard & Poor's downgraded
The agency said it could remove the default label once the country makes payment on the bonds.
The country moved money to a
Argentine officials contend that means they have only partially defaulted.
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