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Argentina seeks last-minute solution as default looms

Argentina's Economy Minister Axel Kicillof arrives at the offices of mediator Daniel Pollack on July 29, 2014 in New YorkArgentina’s economy minister flew into New York on Tuesday for last-ditch talks to resolve a dispute with hedge fund creditors that has pushed the country to the brink of default. Economy Minister Axel Kicillof threw his weight behind the talks after Argentina got a boost in its fight against so-called “holdout” hedge funds from others bondholder who appealed for more time. Argentina has until the end of Wednesday to resolve its dispute with the holdouts, whose refusal to accept a write-down on the debt it defaulted on in 2001 has pushed Latin America’s third-largest economy to the brink of a new default. Shortly before Kicillof arrived at the talks, which are being brokered by a US court-appointed mediator, a group of holders of euro-denominated “exchange bonds” asked New York District Judge Thomas Griesa to put a stay on his ruling in favor of the hedge funds.

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