Argentine default looms as time runs out for debt deal

Argentine default looms as time runs out for debt deal

Argentina looks set to default on its debt for the second time in 12 years next Thursday as negotiations with "holdout" investors seemingly go nowhere and neither side shows signs of blinking first, though a last minute deal can't be discounted. After a slew of legal setbacks for Argentina in U.S. courts, the country has just days to comply with a 2012 ruling by U.S. District Judge Thomas Griesa to pay $1.33 billion plus interest to the funds it calls…

This was the case in America back in 2011. The debt ceiling was an issue and there was fear of what would happen if America defaulted on its debt. Absolute chaos and nothing but politicians wanting to play hardball at the American people's defense. I don't fully know the case with Argentina except they have been in an economic struggle for awhile now. And if you really want to trace back the origins of the current instability in that country, look no further than 2008 when the first cracks in Argentina's debt started to occur. Sighs, it's a never ending cycle.