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| Argentina blames US mediator for debt default | |
| (36 minutes later) | |
| Argentina has blamed the US for its debt default, calling the mediator in failed talks "incompetent". | |
| Cabinet Chief Jorge Capitanich said his country was considering opening proceedings at international tribunals in The Hague after it was declared to be in technical default. | |
| The announcement came just hours after last-minute talks in New York with a group of bond-holders failed. | |
| The bond-holders are demanding a full pay-out of $1.3bn (£766m). | |
| Argentina says the bond-holders are "vultures" using the South American country's debt problems to make a big profit. | |
| The investors are US hedge funds that bought debt cheaply after Argentina's economic crisis in 2001-2002. | |
| They are also known as "hold-outs" because they did not sign up to a restructuring of debt which the majority of bond-holders agreed to in 2005 and 2010. | |
| Under that deal, investors agreed to settle for about one-third of what they were originally owed. | |
| However, hedge funds NML and Aurelius Capital Management bought up a large chunk of the remaining distressed debt at low prices. | |
| They demand to be paid the full face value of their holding. |