Monday, June 30, 2014

A techinical default for Argentina

Argentina will enter a state of technical default today, as the $832M payment given to holders of the country’s restructured bonds was declared illegal this past Friday. The showdown continues as the New York judge presiding over the case insists the holdout creditors must be paid $1.5B before any other payments can be made. Argentina will still have a 30-day grace period until it enters a formal default.