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Argentina resumes debt negotiations in New York to avert imminent default

Argentina's government is resuming negotiations in a dispute with US. creditors that risks sending the country into default this week.

Cabinet Chief Jorge Capitanich said Monday that an Argentine delegation will travel to New York and meet a court-appointed mediator there on Tuesday.

Argentina will default for the second time in 13 years if it cannot reach a deal with the U.S. hedge funds over some $1.5 billion in unpaid debts before a July 30 deadline.

The creditors are hedge funds that bought Argentine bonds on the cheap and rejected Argentina's restructuring offers following its record $100 billion default in 2001.

The looming default comes as Argentina's economy struggles with a recession, a shortage of dollars and one of the world's highest inflation rates.