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Foreign debt default is unavoidable, Argentine officials say
Foreign debt default is unavoidable, Argentine officials say

Although Argentina's apparently imminent default on its foreign debt is unlikely to trigger a rerun of the economic and political crises that nearly tore the country apart a decade ago, it could usher in a new era of hardship, analysts said Friday. President Cristina Fernandez de Kirchner said this week that she wouldn't make a $2.23-billion payment due June 30 to foreign bondholders. The economy ministry followed up with a statement saying that avoiding a foreign debt default, which would be the country's second since 2001, was "impossible." Of the amount due, $900 million is owed to creditors who accepted deep discounts in their bonds' face value during...

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