S&P Declares Argentina in Default

Standard & Poor’s declared Argentina in default after the South American nation failed to meet the deadline for paying interest on its $13 billion of restructured bonds. Argentina owed bondholders $539 million following a U.S. judge’s ruling that the money couldn’t be distributed unless a collection of hedge funds that held defaulted debt received payment as well. Argentina failed to reach an agreement Wednesday during a meeting with hedge funds in New York. This is the second time that Argentina has been in default in 13 years. In total, the country has about $200 billion in foreign-currency debt.