Argentina‘s biggest bondholders rejected the country’s proposal to restructure its $83 billion debt with private creditors issued under foreign legislation.

The country asked investors to take a 62% haircut on coupons to stave off ninth default, but three creditor groups rebuffed the terms laid out by the government, which called for interest payments to be delayed until 2023 and principal payments until 2026, as reported by The Financial Times.

“It is understandable that the coronavirus shock has probably increased the need for debt relief, but that needs to be reflected fairly,” said Michael Hugman, a portfolio manager at Investec Asset Management in London.