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By Richard Lough, Eliana Raszewski and Daniel Bases BUENOS AIRES/NEW YORK (Reuters) - Argentina will default on its debt within hours after talks with holdout creditors broke down on Wednesday. As the clock ticked toward a midnight (0400 GMT) deadline, Economy Minister Axel Kicillof stuck firmly to the government line, repeatedly denigrating the holdouts as "vultures" after two days of intense negotiations. Argentine banks scrambled to put together a proposal to buy out the non-performing debt held by hedge funds and avert a default. It also marks a set-back to the Buenos Aires government's attempts to return to global credit markets.