Argentina defaults for second time as last-minute talks fail

Argentina has defaulted on its debt for the second time in 13 years after failing to reach an agreement with a group of bondholders.

The country’s negotiations with holdout creditors from its 2001 default ended without resolution overnight, with payments missed as a result. Argentina failed to make a $539m payment on its debt by yesterday’s deadline, causing Standard & Poor’s to downgrade its credit rating to “selective default”. Economy minister Axel Kicillof then said a last-minute deal had been rejected by “vulture fund” creditors, adding it was now “impossible” to pay those creditors any more monies. Argentinan officials including Kicillof had flown to New York this week to negotiate with the holdout credito...