Analysis: Why Argentina needs European help to pay off its debt

Argentina's economy plunged 9.9% in 2020, badly hit by the Covid-19 pandemic, while it was already struggling with an external debt totaling US$323 billion.

RIO DE JANEIRO, BRAZIL - Argentina was heading toward its second default in 20 years when the coronavirus pandemic hit. President Alberto Fernández is now in Europe seeking support to defer sovereign debt payment.

Argentina's economy plunged 9.9% in 2020. Like many other Latin American countries, Argentina was badly hit by the Covid-19 pandemic, but with the difference that the country was already struggling with an external debt totaling US$323 billion.

In May 2020, three months after the pandemic emerged, Argentina defaulted for the second time in two decades by failing to repay debt interest to . . .

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