Argentina falls into default after talks fail

A breakdown in talks between Argentina and U.S. creditors late Wednesday has sent the country tumbling into its second default in 13 years and shifted focus to what effect that default could have on global financial markets.

Argentina and the hedge funds holding its debt, including billionaire Paul Singer's Elliott Management, failed to strike a deal, according to USA Today.

The Argentine government has a confrontational stance toward the investors who have been hoping for a payout, with Economy Minister Axel Kicillof calling them "vulture funds."

Read more from USA Today.