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A man walks by a sign that reads in Spanish "Yesterday Braden or Peron, today Griesa or Cristina", in reference to an unresolved debt dispute between the Argentine administration of President Cristina Fernandez and the NML Capital hedge fund, ordered to round-the-clock negotiations by a U.S. District Court presided by Judge Thomas Griesa, in Buenos Aires, Argentina, Tuesday, July 29, 2014. Argentina will default for the second time in 13 years if it cannot reach a deal with the U.S. hedge funds before July 30. (AP Photo/Victor R. Caivano)

    Argentina scrambles to avoid default as Wednesday midnight deadline looms

    Argentina officials met Tuesday with a mediator in New York in a last-ditch move to resolve a dispute with American creditors that has the South American nation on the brink of default, a development that would have dire consequences for the already struggling Argentine economy.

  • Australia rules out new sanctions against Russia

    Australia's Prime Minister Tony Abbott says his government is not considering ratcheting up sanctions against Russia while it is focusing on retrieving Australian victims from the wreckage of the Malaysian airliner disaster in Ukraine.

  • Argentine default: Billions on the line

    Argentina and a group of American hedge funds that own Argentine bonds were negotiating Tuesday seeking an agreement on repayment of Argentina’s debt. If no agreement is reached and Argentina doesn’t repay the bondholders by Wednesday, it will default on its debt for the second time in 13 years.

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