Sovereign Report

Sovereign Report

Corporate & Sovereign Strategy

Another Argentine Default Argentina defaulted on a World BankĀ loan in November when it failed to make the full $805 million payment originally due October 15. Instead, the government made an interest payment of $79.2 million. Non-payment has probably cut off Argentina from all further support from multilateral institutions, its only source of international credit after last year's $144 billion default on its domestic and international bonds.The World Bank says it assesses no penalties on "loan payments made within 30 days of the scheduled due date. If a payment becomes 30 days overdue, no new loans to the borrower can be presented to the Bank's Board." Furthermore, the

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