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Associated Press
Axel Kicillof, Argentina's economy minister, addresses member of the news media after a negotiation session Wednesday July 30, 2014, at the Argentinean Consulate in New York. (AP Photo/Craig Ruttle)

Argentina, creditors fail to reach debt deal

– Talks between Argentina and U.S.-based creditors have ended without a settlement that would avoid the country’s second default in 13 years.

Argentine Economy Minister Axel Kicillof says his country is unable to accept demands of investors led by U.S. hedge funds his government has deemed “vultures.”

A defiant Kicillof said Wednesday that the investors refused to a stay of a judge’s order that would have allowed the country to pay other creditors while continuing negotiations.

He also said the creditors would not accept a generous compromise offered by the South American country.

A court-appointed mediator says Argentina will immediately go into default.

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