World Business News

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Argentina warns of default on debt repayments at end of June

Zone(s): Argentina ¦ Sector(s): Taxation
[20 June 2014, CITY A.M.] By Michael Bird: Argentina’s government warned yesterday that it could not afford to pay its creditors at the end of this month, threatening a default after the US Supreme Court opted not to hear the country’s case again earlier this week.

The decision left the government with a $1.33bn (£780m) bill to pay at the end of the month to hold-out investors who did not accept writedowns during the country’s efforts to restructure its debt.

Previous rulings mean that the debts must be repaid before other creditors are reimbursed.

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