Argentina was in a race against time to cut a deal to avert a default by the end of Wednesday, after holdout investors sued it.

Argentina's President Cristina Fernandez de Kirchner earlier said the government would ignore a US court order to repay its debts.

The government has accused American hedge funds of being vultures for profiting on Argentina's economic misery.  

Al Jazeera's Daniel Schweimler reports from Buenos Aires.