His face lined with tension,
Argentine Economy Minister Axel Kicillof walks into a press conference in New York after failing to reach agreement on averting his country's second default in nearly 13 years.
"This offer is legal for Argentina (and) doesn't violate our contracts' clauses, but was not accepted by the 'vulture funds.' This offer wasn't accepted because evidently they want more - and they want it now."
Global ratings agency Standard & Poor's has downgraded Argentina's foreign currency rating to "selective default."
Analysts say a default of Latin America's third largest economy is unlikely to have a huge impact on the global economy BUT will likely weaken the Argentina peso as more people hold on to dollars.
The imminent default stems from a years-long legal battle with two of Argentina's bondholders who had rejected restructured debt agreements in 2002 when the country first defaulted.
The Buenos Aires government, at present, cannot pay other creditors because of a U.S. court ruling last month, which said that no creditor can be paid unless the two so-called "holdout" creditors do as well.
Kicillof says the country will take all the necessary measures to confront what HE referred to as an unfair situation.
Laah Hyun-kyung, Arirang News.