ARGENTINA: Heading towards default but settlement window may not be closed

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The 30-day grace period on a USD 503mn interest payment on three bonds expires tomorrow, 22 May. Failure to pay would result in Argentina’s ninth sovereign default. At this stage, it would be a big surprise if a default is avoided. The government has indicated that it will not make the interest payment and has downplayed the importance of the upcoming deadline. The key question is whether recent signs of an accord between the two sides is enough to keep talks alive from next week and avoid bondholders seeking an accelerated payment of principal and interest. The softening in positio
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