Argentina likely will miss a bond payment on Monday that risks sending the country into a catastrophic default.
Argentina owes an interest payment to the majority of its creditors, but the government has a 30-day grace period after Monday to avoid going into its second default in 13 years.
The U.S. Supreme Court recently rejected Argentina’s attempt to block a lower U.S. court ruling that it must pay hedge funds that own bonds remaining from its record $100 billion default in 2001.