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What Happens Now That Argentina Is in 'Selective Default'

Downtown Buenos Aires on July 30
Downtown Buenos Aires on July 30Photograph by Diego Levy/Bloomberg

Default is a major disaster for a government, but not much will happen right away now that Standard & Poor’s has declared Argentina to be in “selective default.”

S&P took the action today after Argentina’s talks with holdout creditors continued past the end of the 30-day grace period for a $539 million bond payment.