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On Sunday, Argentina's government announced it was postponing payment on any domestically-issued debt instruments denominated in foreign currencies. That means dollars, just not Eurobonds. At least not yet. In response, ratings agencies such as Fitch declared the maneuver a distressed debt exchange.
In other words, technically a default.
Though this move was expected, still you have to appreciate the sensitivity. Argentina may be Argentina, but it is also the first of maybe eighty (actually the second, Lebanon already went first). The dominoes are falling, those with the biggest dollar shortage pushed toward that default