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Argentine Economy Minister Axel Kicillof unexpectedly arrived in New York on Tuesday to join last-minute debt negotiations with “holdout” investors in a bid to avert a default. After a long battle in the U.S. courts, Argentina has until the end of Wednesday to either pay in full the hedge funds that rejected its restructuring on their defaulted bonds, cut a deal or win a stay of the court order that triggered the deadline. Argentina’s isolation from global credit markets since its 2002 default on $100 billion means a default would be highly unlikely to cause financial turmoil abroad, but it would hurt a domestic economy already in recession.



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