According to the Financial Times, Argentina is heading for its ninth sovereign debt default, which is frustrating investors. Because of this, analysts say that the government’s debt restructuring offer is likely to be rejected later this month.

Last week, the centre-left government of Alberto Fernández, determined the delay of of local-law debt of $10 billion. FT says that this move is being saw as a bad sign of what it to come when it comes to the country’s external debt of $83 billion. The self-imposed deadline of March 31st was not met, and is likely to never be in a short run.