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

Argentina’s president has granted vast new power over the nation’s economy to a young firebrand who was the brains behind the takeover of YPF from Spain’s Repsol oil company.