Peso Slides as Argentina Seeks More Time to Pay

Embattled president Mauricio Macri tried to shore up confidence in Argentina after the country asked creditors for more time to pay $101bn of debts, but market analysts said the move pointed to a ninth sovereign default by the South American nation, the Financial Times reported. The peso slid and bonds sold off on Thursday as investors judged the hasty move insufficient to solve the country’s financial woes. The losses deepen a crisis triggered this month when Mr Macri suffered an unexpectedly heavy defeat in a primary election that all but wiped out his chances of re-election in October. “There are 59 days to go until the elections. To get there in the best way is my responsibility as president, but it never depends on just one government,” said Mr Macri in a televised address on Thursday morning, implicitly rejecting speculation that elections could be brought forward. Read more

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