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May 22, 2020 The deadline for paying $ 500 million in interest on Argentina's debt has expired without an agreement with creditors. The country is in technical default, but debt restructuring negotiations continue until June 2, a source close to the negotiation said. "We have not paid interest, but the negotiation continues."For the South American country, this is the ninth default in history. Economy Minister Martín Guzmán said today: "We are planning to make changes with the aim of reaching a sustainable agreement with our creditors." "We have extended the offer so that we can gain some time to make these changes, and these will be determined in the negotiation process in the coming days," he added. With creditors, Guzmán said there is "growing mutual understanding", although there is still a lot of work to be done. "There is still an important distance to cover, but all sides are at the table to try and find a solution," he said.
Gabriel Torres, a vice president of Moody's, told Reuters: "Argentina failed today to pay $ 503 million in interest, originally due on April 22," adding that it is consistent with the current sovereign credit vision of the country. agency on the country. Bond payments had a grace period of 30 days. "We expect the road ahead for Argentina's debt restructuring to become more problematic," added Torres.