Another Argentine Default
Argentina defaulted on a
World Bank 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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