The decision by leading rating agencies to call a default event on Argentina's debt was "unhelpful", according to William Cline, chief economist of the Institute of International Finance (IIF).
On Tuesday, as Argentina outlined plans for its proposed $60bn (€67bn) domestic debt swap, analysts at Fitch, the rating agency, said: "The proposed exchange of debt targeted at local Argentine investors constitutes a distressed exchange and thus a default event."
