Argentina doesn’t make payment, starting default countdown

Argentina said it didn’t make $500 million in debt payments due Wednesday, starting a 30-day countdown to a possible default unless the government and bondholders can reach a deal on restructuring its massive foreign debt. The failure to pay came a week after the government of President Alberto Fernández presented a proposal to restructure roughly $70 billion in debt involving the suspension of its debt obligations for three years and a 62% reduction for interest payments.

Source: WTOP News