On the evening of July 31, as Argentina’s Economy Minister Martin Guzman and President Alberto Fernandez discussed yet another extension of a deadline for creditors to accept a debt restructuring offer expiring in a few days, they decided they’d had enough.
Even before the coronavirus pandemic, Argentina said it was unable to pay its debt and Fernandez -- who took office in December -- had made clear he would put the needs of Argentines ahead of bondholders. That meant taking a hard line.
