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ARGENTINE STOCKS CRASH

Myles UdlandJul 31, 2014, 20:43 IST

Argentina's stock market is tanking after the country last night said it would voluntarily default on $1.3 billion worth of debt owed to a group of hedge funds.

Shortly after opening for trade, the Merval index was down 8.5%.

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Today's plunge in the Merval follows a big run up this week ahead of Argentina's Wednesday deadline.

Argentina's default marks the second time in the last 13 years that the country has defaulted on its debt.

Markets around the world also fell today, with U.S. stocks currently deep in the red on the final trading day of the month.