Fitch: Argentina close to bankruptcy status

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Fitch: Argentina close to bankruptcy status

Jonathan Palacios and his then eight-year-old son, also named Jonathan, pull a shopping cart with cardboard boxes they hope to sell in Buenos Aires in a photo from August. Photo: Rodrigo Abd/AP/TT

Argentina is approaching bankruptcy status in terms of its ability to repay its foreign currency debts, according to the rating agency Fitch.

Fitch lowers Argentina’s IDR rating two notches from CCC- to C, which is the step above bankruptcy status.

The announcement comes after Argentina ordered parts of the public sector to exchange their debts in foreign currency for their own peso, as well as exchange government securities mainly in dollars for pesos.

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