Argentina faces potential ninth sovereign default

Argentina faces potential ninth sovereign default
  • Clock-gray 19:54
  • calendar-gray 22 May 2020

Argentina said on Thursday that it would extend a deadline to June 2 for talks with creditors to restructure around $65 billion in foreign debt, which had been set to expire on Friday, APA-Economics reports citing Financial Times.

The extension comes as Argentina faces a potential ninth sovereign default if it misses bond payments also due Friday. Officials and creditors have sent positive signals about the prospects of the broader restructuring deal.

The offer deadline was previously postponed to May 22 after it failed to gain enough support from creditors, who are pushing for the South American country to improve the terms of the deal.

APA-Economics

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