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Argentina is teetering on the brink of its ninth debt default as its leftist government and creditors struggle to break the deadlock in crunch talks ahead of Friday’s deadline.

Hector Torres, a former IMF executive director and senior fellow at the Centre for International Governance Innovation, argued there was still a chance of a deal but the situation did not look very promising. "There's always in these negotiations a lot of haggling and theatre so you cannot take things at face value, he said. 

The biggest issue remains the three-year moratorium on interest payments, while the uncertainty caused...

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