31/07/2014 15:07
Argentina defaults for second time in 13 years
Argentina is in default for the second time in 13 years after government officials were not able to reach a compromise deal with bond holders, officials said Thursday.
Argentine's economy minister Axel Kicillof went to New York to try and find a compromise with hedge funds and other bond holders, but his mission failed.
The crisis arose after a United States judge ruled in favour of hedge fund investors who have demanded repayment of $1.3 billion.
Standard & Poor's has deemed the country to be in selective default, which will have a major impact on the country's future borrowing costs.