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# Argentina Defaults On Debt For The Second Time In 13 Years

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<!-- video src="https://cdn.jwplayer.com/manifests/Ylli4Nfb.m3u8" -->
## Video: Argentina Defaults On Debt For The Second Time In 13 Years

[Watch (HLS stream): Argentina Defaults On Debt For The Second Time In 13 Years](https://cdn.jwplayer.com/manifests/Ylli4Nfb.m3u8) (1:14)

![Argentina Defaults On Debt For The Second Time In 13 Years](https://cdn.jwplayer.com/v2/media/Ylli4Nfb/poster.jpg?width=720)

_Published 2014-07-31. Argentina defaulted on its debt Wednesday for the second time in 13 years. Here’s what it means for the second biggest country in South America, and the world._


---

Jul 27, 2023 5:04 PM UTC

---

## More From This Series

[All Videos](https://time.com/video/)

[Senate Passes Debt Ceiling Bill, Clearing Final Hurdle to Avoid Default](/video/JOhO9HLp/)

### Senate Passes Debt Ceiling Bill, Clearing Final Hurdle to Avoid Default

[What Happens to a Country that Defaults on its Loans?](/video/tzHxV6xM/)

### What Happens to a Country that Defaults on its Loans?

[What if the U.S. Defaults? TIME Explains](/video/sJld8p7d/)

### What if the U.S. Defaults? TIME Explains

---


## Transcript

When Argentina defaulted on its debt, it was the largest country ever to do so. Now it's done it again. For the second time in 13 years, Argentina has taken the nuclear option and defaulted, after talks with a group of so- called vulture fund investors failed. They've been branded vulture investors in Argentina because they bought up some the country's bad credit left after the last default. Then sued the country when it couldn't repay them in full. As the Guardian explains in this case, the creditors holding out for full repayment are New York hedge funds. They make up a small proportion of the country's creditors.

Basically as CNBC reports, the country was due to pay it's creditors an agreed upon 539 million dollars in interest on Wednesday. But the hedge funds in question, the so- called vultures, demanded the full 1. 3 billion. Most outlets report the hedge funds make up less a tenth of the country's creditors. The last time Argentina defaulted the country saw mass rioting that even turned fatal, because the country's currency collapsed. And people essentially saw their money lose most of it's value overnight. Yeah, the people feel unfairly treated by the international financial community. And they're giving out posters saying Argentina or the vultures.

The country won't negotiate. And, as Argentine newspaper, La Nacion, noted there's a lot of uncertainty in the country. But not for Standard & Poor's, which Wednesday officially declared the country in selective default.

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