On 29 June, Argentina went into technical default on its foreign debt. 30 days “grace” expires on 29 July. Either the Argentine government fixes a deal before then, or the default goes into full force.
This drama is the outcome of 13 years’ legal wranglings since Argentina defaulted on its debt in 2001. Then, as usually happens in such cases, the Argentine government negotiated a deal with the bondholders to pay them off at a reduced rate.