Argentina is in "Virtual" Default

President Alberto Fernández said Sunday night that Argentina is in virtual default, comparing the economic situation to the 2001 crisis – the worst in the country's recent history.

The country is in recession and has suffered 18 months of economic crisis sparked by a currency crash. Its economy is expected to shrink by 3.1 percent in 2019.  

Again, the country will not pay its debts. I see nothing virtual in its default. The IMF tried to solve it insolvency but it only accelerated the process. It is difficult to explain why Argentina is suffering so much.