Argentina Defaults on IMF Loan
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Argentina defaulted on a $2.9-billion loan owed to the International Monetary Fund, complicating efforts to restore its standing with the international financial community.
It was the second time this year the nation failed to make a payment to a multilateral lender.
It also missed a deadline on a $681-million payment to the World Bank in January.
A government official, speaking on condition of anonymity, said the payment wasn’t made by the close of business Tuesday but negotiations with the IMF were continuing.
The missed payment is not likely to immediately affect the economy, but could further damage investor confidence at a time when the country has shown signs of beginning to emerge from a financial crisis that began in 2001.
From Associated Press
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