Argentina Teeters on Default, Again, as Pandemic Guts Economy | WHAT REALLY HAPPENED

Argentina Teeters on Default, Again, as Pandemic Guts Economy

Argentina is hurtling toward default on international loans in two weeks, a prospect that threatens to revive its reputation as a serial deadbeat and global financial pariah that could haunt the Latin American country long after the coronavirus pandemic is over.

If Argentina defaults, which as of Friday appeared likely, it would be the third time in two decades that the country has failed to meet loan payments after having amassed billions of dollars in foreign debt in a deepening spiral of economic dysfunction. Argentina would join Lebanon as the first defaulters in the financial tumult caused by the coronavirus.

Argentina’s 45 million people already were suffering through the third year of a serious downturn when the coronavirus scourge hit, accelerating the economic pain by forcing a lockdown that closed many businesses and left workers jobless.

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA