Argentina failed to make a $503m payment due on Wednesday, setting the clock running on what is expected to be a ninth sovereign default, the Financial Times reported. The decision came one day after economy minister Martín Guzmán said that Buenos Aires “will not be able to make [any] debt payments in the coming days”. By failing to pay, the government marked the beginning of a 30-day grace period during which Argentina must pay up to avoid defaulting on $65bn of foreign debt owned by private creditors.

Argentina’s money supply is surging as the country deals with the economic fallout of the coronavirus pandemic, stoking inflation fears and increasing the chances of a chaotic debt default next month, Bloomberg News reported. Since the country is cut off from credit markets as it nears default, it can’t borrow to fund stimulus programs, as other countries in the region are doing. Instead, the central bank is emitting massive amounts of money to cover government programs, threatening to drive up an inflation rate that is already among the highest in the world.

Argentina’s biggest bondholders have rejected the government’s offer to restructure $83bn of foreign debt, raising the prospect that the country is headed for its ninth sovereign debt default, the Financial Times reported. In statements released on Monday, three creditor groups rebuffed the terms laid out by the government late last week, which called for interest payments to be delayed until 2023 and principal payments until 2026. The deal encompassed not only debt issued by the country since 2016, but also previously restructured bonds issued in 2005 and 2010.

Argentina unveiled a proposal to restructure foreign bonds that would push back the majority of its debt payments to the next decade, Bloomberg News reported. Holders of the country’s overseas debt are being offered a series of new securities of various maturities, none of which will accrue interest before 2022. No principal will be returned before 2026. If accepted by investors, the proposal would significantly reduce the country’s short-term debt payments, part of the government strategy to buy itself enough time to shore up its finances and the economy.

Some 15 years after hitting foreign investors with one of the harshest sovereign bond renegotiations in modern history, Argentina unveiled a proposal for a new debt restructuring that appears to offer only slightly more generous terms, Bloomberg News reported. While government officials didn’t give all the specifics of their offer Thursday evening, they revealed enough to make clear that the losses for creditors holding some $70 billion worth of bonds would be massive. The highlights: a three-year moratorium, a 62% reduction in interest payments and a 5% cut in the value of the principal.

Argentina registered to issue more than $50 billion in new debt as it prepares to make a painful restructuring offer to holders of its sovereign bonds, Bloomberg News reported. The filing to the U.S. Securities and Exchange Commission gives an inkling of how much in new securities the country anticipates issuing in the restructuring. President Alberto Fernandez will meet provincial governors at 4pm Thursday at the presidential residence to discuss details of the debt plan, according to a person with direct knowledge of the matter.

Argentina is set to make a debt restructuring proposal to international creditors this week amid delays caused by the coronavirus, an economy ministry source said on Tuesday, a key step as the country looks to strike a deal to avoid default, the Financial Times reported. Argentina’s government is locked in talks to revamp close to $70 billion in foreign currency debt issued under international law to push back payments that it says the country cannot pay unless given time to revive stalled economic growth. “They don’t think it will be tomorrow, it’s more likely on Thursday.

Argentina could announce an offer to restructure $83 billion in foreign-currency bonds as soon as this week as it tries to avoid default, despite shutting down the economy to contain the spread of the coronavirus, LatinFinance reported. "We will make the offer in the next few days," President Alberto Fernández said late Sunday in an interview on the local television channel Net TV.

Argentina will make an offer to its creditors “in the coming days” that will reflect the economic hit from the coronavirus pandemic, President Alberto Fernandez said in a newspaper interview. While debt talks are “going well,” calculations of debt sustainability will be affected by the impact of the virus, Fernandez was quoted as saying by Perfil. “The coronavirus affects debt renegotiation just as the coronavirus affects the entire global economy,” Fernandez said. “What we are going to sign is something that we can accomplish as a government and as a country.

Latin America’s economy was already going backward when the coronavirus hit. Now it’s at risk of losing a whole decade –- and pushing fragile democracies closer to their breaking points, Bloomberg News reported. Like most of the world, the region is bracing for the deepest recession in its modern history. Bank of America expects a 4.4% slump in output this year as the epidemic spreads. But what’s distinctive about Latin America is that incomes had already been declining for years –- driven in part by lower commodity prices.