Argentina's debt default: why does it matter?

Described as a battle between 'vultures' and the people, Argentina's debt default could have serious consequences

The Argentine National Congress in Buenos Aires
(Image credit: Luis Davilla/Cover/Getty Images)

Argentina has officially defaulted on its sovereign debt, following the failure of last-minute talks with private bond-holders in New York. The country owes $1.3bn to a group of investors and missed yesterday's deadline to pay, after they rejected the country's latest offer in negotiations.

The country's second default in less than two decades could have wider consequences for markets, investors and the people of Argentina.

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