Standard & Poor's announced the selective default of Argentina

The Standard & Poor's International rating agency has lowered the long -term sovereign credit rating of Argentina in foreign currency to the level of “selective default” with a negative forecast.

According to the agency, Argentina’s rating will remain at the “selective default” level, until the government of the country makes a payment on interest on a restructured debt of $ 539 million. The 30-day grace period for the payment of this amount expired on July 30.

According to Reuters , the negotiations between Argentina’s delegation, headed by the Minister of Economy, Axel Kisillof, with creditors of the Argentine government, are held in New York. If it will not be possible to reach a compromise until July 31, Argentina threatens a technical default.