Argentina Delays Bond Payment, Says It Won’t Be ‘Held Hostage’

Argentina said it won’t make a local bond payment on time after failing to refinance the debt, declaring it won’t be “held hostage” by foreign investors demanding their money back, Bloomberg News reported. The maturity date for the note will be delayed to Sept. 30 from the original Feb. 13, the Economy Ministry said in a statement. The move comes after a local debt sale flopped and only a few investors agreed to participate in a debt swap that would have bought the country extra time to come up with the cash. The delay reflects Argentina’s dire financial situation after a currency crisis sent the economy into a recession, and the standoff with creditors in the local market is seen by some as a potential prelude to the much-bigger restructuring ahead for the country’s overseas debts. Read more