Turning now to Argentina… where Latin America’s third largest economy has defaulted… after last-minute talks failed to produce an agreement from the country’s bondholders.
The second default in 13 years stems a years-long legal battle with two of Argentina’s bondholders… who had rejected restructured debt agreements in 2002 when the country first defaulted… blocking payments to other creditors.
Global ratings agency Standard & Poor’s has downgraded Argentina’s foreign currency rating to “selective default.”
Argentina’s Cabinet chief has blamed the U.S. for the debt default… calling the mediator in New York “incompetent”… and saying his country was considering a case at international tribunals.
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