Argentina is on the verge of defaulting on its debt after talks with creditors broke down.
As the clocked ticked toward a midnight (0400 GMT) deadline, economy minister Axel Kicillof stuck firmly to the government line, repeatedly denigrating the creditors as "vultures" after two days of intense negotiations.
Argentine banks scrambled to put together a proposal to buy out the non-performing debt held by hedge funds to avert a default.
But that deal collapsed, a senior banking executive and a second source from the financial market told Reuters.
"It all fell through," said the banking executive.
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