Americas Argentina defaults - but isn't using the 'd-word'

This will not deliver the blow of its 2001 default. But analysts warn that no matter how you spin it, the default is likely to hurt an already faltering economy.

By , Correspondent

Victor R. Caivano/AP

After its government failed to reach an agreement with holdout creditors in New York last night, Argentina defaulted on its debt for the second time in little over a decade.