|Argentina Likely to Default Next Week|
|by Tom McGregor||Tue, Jul 22, 2014, 09:42 PM|
Despite the Buenos Aires government pledging to offer 30 percent pay hikes for bureaucrats, Argentina is likely to default on its bills to creditors next week on July 30.
The BBC News reports that, "A US judge has ordered Argentina and its creditors to meet "continuously" to avoid the nation defaulting on its debts. District Judge Thomas Griesa told the parties to meet from 10:00 EST (14:00 GMT) on Wednesday to hammer out a deal."
Argentina lawyers are refusing to pay creditors, calling them "vultures."
According to the BBC News, "Argentina has been in a legal dispute with investors holding debt from the nation's default in 2001-2002. It has until 30 July to find a solution or possibly default again."
An Argentina credit default could seriously harm the global economy.
To read the entire article from the BBC News, link here:
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