Argentina has defaulted on its debt for the second time in 13 years.
Talks with creditors broke down on Wednesday night and the midnight deadline passed without a deal to avert a default.
Argentina has been isolated from international financial markets since its record $100 billion default in 2002.
More top news
Justin Bieber has posted a video online apologising for his "arrogant" and "conceited" behaviour in the past year.
More than a third of children in England are considered overweight, a new 20-year study suggests.
The Tory party's "anti-immigration rhetoric" could cost MPs key marginal seats in the forthcoming general election, a new report says.