On 22 May, Argentina failed to make a USD503-million payment of delayed interest on three bonds on the expiry of their grace periods, entering a technical default. On 26 May, both Fitch and S&P Global Ratings moved Argentina to restricted default ratings. The government is restructuring USD66 billion of its sovereign debt with private creditors.
Technical default likely through June. Despite Argentina missing the payment, its Minister of Finance Martín Guzmán continues to negotiate with bondholders and has extended the deadline to reach an agreement until 2 June. Some progress is being made as both