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Argentina said it didn’t make $500 million in debt payments due Wednesday, starting a 30-day countdown to a possible default unless the government and bondholders can reach a deal on restructuring its massive foreign debt. The failure to pay came a week after the government of President Alberto Fernández presented a proposal to restructure roughly $70 billion in debt involving the suspension of its debt obligations for three years and a 62% reduction for interest payments. Argentina will use the period to seek creditor acceptance of its proposal, which it has said will remain in force until May 8 and aims at “restoring the sustainability of public debt in foreign currency.”

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