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But doing so in the wake of the country's widely condemned invasion of Ukraine brings unique risks.
The announcement came as the country held a meeting with its creditors.
President's televised announcement confuses bondholders.
Government-run oil giant PDVSA owes $985 million on Friday.
Options for nation's foreign-currency bondholders to get out.
Default on Argentina's bonds may trigger $29 billion in claims, as much as all its foreign-currency reserves.