Investors are anticipating a 10% drop in the Argentine peso after the nation defaulted for the second time in 13 years last week.

Talks aimed at averting Argentina’s second default in 13 years has ended with bitter recriminations as the South American country said it could not accept a deal with US hedge fund creditors it dismisses as “vultures”.

Argentina’s government is to make another effort to reach a deal with US. creditors before a looming deadline that risks sending the country into its second default in 13 years.

Argentina is willing to negotiate to avoid a catastrophic default, Argentina’s economy minister said.