Argentina Defaults on Sovereign Debt Amid Coronavirus Crisis

Argentina defaulted on sovereign financial debt for the ninth time in its heritage, as Latin America’s third-major financial state grapples with a new cycle of financial contraction, runaway inflation and a challenging-forex squeeze exacerbated by the coronavirus pandemic.

The hard cash-strapped place formally entered into default on Friday after failing to make a $500 million curiosity payment on overseas financial debt.