Argentina fails to reach debt agreement, default imminent

BUENOS AIRES/NEW YORK (Reuters) - Argentina faces its second default in more than 12 years after talks with holdout creditors failed on Wednesday. The country's economy minister, Axel Kicillof, speaking at a news conference at the Argentine consulate in New York, repeatedly referred to the holdout hedge funds as "vultures" after two days of talks failed to produce an agreement. A last-ditch plan for Argentine commercial banks to buy out the non-performing debt held by hedge funds and avert a default collapsed on Wednesday, a senior banking executive and a second source from the financial market said. "Unfortunately, no agreement was reached and the Republic of Argentina will imminently be in default," Daniel Pollack, the court-appointed mediator in the case, said in a statement on Wednesday evening.

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