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Argentina is seeking to repay interest of $1bn that comes due today on its foreign currency bonds. The country is also in talks with the IMF delegation to revamp its $44bn bailout programme and unlock fund disbursements of $3.3bn. Despite being short on cash, Argentina is expected to make the payment after it dipped into central bank reserves, as reported yesterday. However, the market continues to be concerned about Argentina as its currency came under pressure and its sale of imported bonds flopped last week. Next, a $1.7bn principal and interest payment for Argentina comes due in July.
Argentina’s bonds continue to trade at distressed levels of 30-40 cents on the dollar.
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