Argentina Scrambles To Avoid Default

An American judge has ordered Argentina to make debt payments of $1.5 billion to American creditors. But time is running out.

If Argentina doesn’t pay the U.S. hedge funds by midnight, it will default on its bond payments for the second time in 13 years. The last default, in 2001, led Argentinians to protest the declining economic conditions in their country.

Bloomberg News' Michael Regan joins Here & Now's Jeremy Hobson to discuss what this could mean for the Argentinian economy and the American hedge funds who took a gamble buying up Argentina's risky bonds.