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Argentina set for default for the second time in 12 years


economy

Argentina set for default for the second time in 12 years

Argentina, Latin America’s third biggest economy is set to default on its debt for the second time in 12 years.

Negotiations with the so called “holdouts” – investors who have refused to take financial haircuts have reached an impasse with no sign of either side giving way.

The Argentinean government has for years fought the holdout hedge funds which snapped up its junk bonds after its default of 2002 and then refused restructuring terms.

The country has just days to comply with a court ruling in the US to pay 1.33 billion dollars plus interest to the funds which President Cristina Fernandez has labelled “extortionists”.

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