Argentina Postpones Debt Payment for A Month, Wall Street Journal, January 17, 1984.

 

In early 1984 Argentina failed to make a $350 million payment on their debt, declaring that they would resume payments in a months’ time. The government assured banks that they will keep up-to-date interest payments on the loans involved.

 

Argentina had linked its debt repayment program to disbursements from the International Monetary Fund. When the IMF suspended disbursements on their loan to Argentina – a result of Argentina failing to fully comply with the conditions that the IMF had imposed as terms for receiving the loan – Argentina lacked the foreign exchange to meet the payments.

 

A new round of talks with the IMF quickly followed these developments.

 

Peter Siegesmund