Is Argentina Facing Another Default Crisis...Suspends Payment of 620 Billion Won in Overseas Bond Interest
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[Asia Economy Reporter Choi Dong-hyun] Argentina has fallen into another debt default crisis due to the impact of the novel coronavirus infection (COVID-19).
According to foreign media including the AP News, Argentina's Ministry of Economy announced on the 22nd (local time) that it failed to pay interest on overseas bonds worth 500 million dollars (about 616 billion won).
The Ministry of Economy of Argentina declared that it will use a 30-day grace period for interest payments to find a debt structure for sustainable economic growth in the medium to long term.
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If Argentina fails to reach an agreement with creditors on debt restructuring within the next 30 days, Argentina will enter a default state. Argentina has experienced eight defaults from 1827 to 2014.
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