default argentina – The New York Times

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BUENOS AIRES – Argentina lost a bond payment on Friday and approached yet another crushing default, plunging it into a new period of economic isolation and deepening a recession that has been exacerbated by the coronavirus pandemic.

The missed deadline means that Argentina has technically gone into default for the ninth time in its history. But the government said it was moving toward an agreement with creditors to restructure $ 66 billion in foreign debt and announced that negotiations would continue until June 2.

President Alberto Fernández played down the late payment and said that the government would not accept an agreement that deepens the economic pain for Argentines who have seen their purchasing power decimated by the pandemic.

"I want the world to see us as an honorable country that lives up to its commitments," he said in a speech Thursday night.

The last time Argentina defaulted on its debt was in 2014, and its long history of spending beyond its means and default on loans has given it a reputation for being worthless. But his current efforts to negotiate an advantageous debt restructuring have been widely supported by prominent figures such as Pope Francis and Massachusetts Senator Elizabeth Warren, a lawyer and renowned bankruptcy and business law expert.

"With Covid-19 worsening an already weak economy, this is not the time for Wall Street creditors to exploit any country struggling to cope with the debt burden," Warren recently wrote on Twitter. "A fair deal will help save more lives."