Argentina defaults on World Bank loan

ARGENTINA - The Argentine government on Thursday took the extraordinary step of defaulting on a loan repayment to the World Bank, in a sign of its intense frustration over negotiations with the bank's sister institution, the International Monetary Fund.

The decision not to make a due payment of $805m (£519m) places Argentina in the company of countries such as Iraq, Zimbabwe and Liberia that have defaulted to the international financial institutions, the Financial Times reported.

It makes

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