Creditors reject Argentina’s proposal to restructure $65bn debt

Argentina’s government asked creditors to accept big losses in the value of the bonds they hold. It proposed that those who hold $65billion-worth of paper, nearly 40% of foreign-currency debt, accept sharply lower interest payments and wait three years to receive them. The plan was rejected. Argentina may be headed for its ninth default. The consequences of default would be grisly.

Source: The Economist