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RIO DE JANEIRO, BRAZIL - The news was no surprise to many Argentineans: three foreign investment funds have rejected a proposal by the government of Alberto Fernández to restructure Argentina's debt.

Another attempt to avert a default thus failed. "Despite the Group and other stakeholders' efforts, these proposals are not ones that the Group can or would like to endorse," said the Ad Hoc Bondholder in a press release.

The government's proposal is designed to "impose a disproportionate share of Argentina's long-term fiscal consolidation obligations on international creditors". Negotiations with the Committee of Private Creditors of . . .

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