Argentina missed payments on around $500 million in already delayed bond coupons on Friday, creditors and a ratings agency said, marking the country's ninth sovereign default amid ongoing restructuring talks with creditors.
BUENOS AIRES - Argentina missed payments on around $500 million in already delayed bond coupons on Friday, creditors and a ratings agency said, marking the country’s ninth sovereign default amid ongoing restructuring talks with creditors.
A source close to the talks and familiar with the government’s thinking separately told Reuters that the two sides were making substantial progress and that a comprehensive deal was possible in a “matter of days, not months”. Argentina’s ambassador to the United States had earlier written in a letter obtained by Reuters that the country would miss the Friday payments given the “prospect of reaching an agreement with its creditors on new terms for their bonds.”
“These are critical times. What’s achieved now will affect the lives of millions of people and will likely have spillover effects on an entire class of assets,” he said.Creditors also have shown signs of flexibility and indicated they are unlikely to take immediate action against Argentina over any default, as long as talks are on the right course.
“The Group welcomes Argentina’s expression of an intent to work with creditors, but actions speak louder than words,” it said. “Over the last month, Argentina has had virtually no substantive engagement with its creditors.”
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