Marcos Brindicci / Reuters

Kicillof was made economy minister late last year by Argentina's President Cristina Fernandez de Kirchner and tasked with renegotiating his country's national debt, which is mainly owned by overseas bondholders.

Despite Kicillof's efforts, Argentina was declared on Wednesday to be in default by debt rating agencies. The South American country says the US hedge funds who are refusing to accept a pay cut are "vulture funds", preying on a struggling nation. The US hedge funds think Argentina is a financial basket case and want their money, even if that means the Argentinian economy will suffer. The hedge funds won.