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Argentina Defaults on $3 Billion IMF Debt
Tuesday September 9, 4:27 pm ET

BUENOS AIRES, Argentina (Reuters) - Argentina has missed a $3 billion debt payment due to the International Monetary Fund on Tuesday and is now in default, a government source told Reuters.

"The deadline expired. Argentina did not pay. There is a technical default, but of course the negotiations are still ongoing," the source said on condition of anonymity.

The default came as Argentina sought to reach a crucial aid deal with the IMF to roll over $12.5 billion owed over the next three years, and will likely further isolate the economy from world markets after a huge crash last year.