Argentina was teetering on the brink of a second default this century on Friday as the deadline for a $500 million bond interest repayment approached.

The crisis-wracked country was already trying to renegotiate its crippling debt before its economy was hit — like others all over the world — by the coronavirus pandemic.

“Barring an eleventh hour deal out of the blue, Argentina’s ninth sovereign default will be confirmed on Friday,” said analysts Capital Economics.