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Argentina in default for second time this century

Argentina in default for second time this century

Argentina on Friday failed to pay around $500 million (€459 million) in interest on its already delayed bond debt, the second time the Latin American country has defaulted on its loans since 2000.

However, it continues to negotiate to restructure its loans with its creditors, an official government source said.

On Thursday, the economy ministry had announced it was postponing talks with international creditors for a second time, this time until June 2.

The purpose of the talks had been to discuss restructuring $66 billion of the country's debt.

Argentina had previously asked bondholders for a three-year grace period on debt repayment, a 62% reduction on interest totaling $37.9 billion, as well as 5.4% on capital totaling $3.6 billion.

Source: www.dw.com
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