Argentina: largest default in history

Argentina - On Sunday Argentina announced the largest sovereign debt default in history, declaring it would stop paying its $155bn public debt. The new government headed by president, Adolfo Rodriguez Saa, said the country would resist pressure to devalue the peso and create a "third currency" in an effort to resuscitate the economy.

In a speech to congress Mr. Rodriguez Saa said the third currency would allow funds to be channelled into social programmes to calm the social unrest which led to

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