By Richard Lough, Eliana Raszewski and Daniel Bases 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.
NEW YORK (AP) — Talks aimed at averting Argentina's second default in 13 years ended with bitter recriminations Wednesday as the South American country said it could not accept a deal with U.S. hedge fund creditors it dismisses as "vultures."