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RIO DE JANEIRO, BRAZIL - The Argentine Government announced on Thursday evening that it would defer its offer to exchange debt bonds until June 2nd, which in practice means that it will no longer pay a portion of a US$503 million (R$2.79 billion) debt, thereby placing the South American country's entire foreign debt in default. This means that it will be a soft default, as creditors do not seem willing to go to Court while there is a prospect of a settlement.

So far, Economy Minister Martín Guzmán's proposal - based on a three-year . . .

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