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Debt rating agency Standard and Poor's declared Argentina in "selective default" on Wednesday, as Buenos Aires remained locked in last-ditch talks with the US hedge funds it has branded "vultures." It was the second time in 13 years Argentina has been ruled in default, and served as a bad omen for the success of a marathon negotiation underway in New York with the stubborn creditors. Economy Minister Axel Kicillof was expected to emerge from the talks to give a news conference in New York after the deadline for making a $539 million payment on Argentina's restructured debt expired. Argentina had deposited the sum -- for payment to those bond holders who had accepted a write-down in deals reached in 2005 and 2010 -- in a bank account when it was due at the end of June.