Argentina heads towards ninth bond default

摘要

ARGENTINA looked to be heading towards its ninth sovereign default last week as the government and its bondholders continued to discuss terms on its debt restructuring of more than US$65bn.Three big creditor groups sent counter offers to the government last Monday, cheering markets, but leaving little time to cut a deal by the May 22 deadline - the expiration for the grace period on a string of New York law bonds the government has yet to pay.By late Thursday, the government had shifted that deadline to June 2, indicating its willingness to continue negotiating - but said nothing about payment on the bonds.