Argentina has blamed the US for its debt default, calling the mediator in failed talks "incompetent".
Cabinet Chief Jorge Capitanich said his country was considering opening proceedings at international tribunals in The Hague after it was declared to be in technical default.
The announcement came just hours after last-minute talks in New York with a group of bond-holders failed.
The bond-holders are demanding a full pay-out of $1.3bn (£766m).
Argentina says the bond-holders are "vultures" using the South American country's debt problems to make a big profit.
The investors are US hedge funds that bought debt cheaply after Argentina's economic crisis in 2001-2002.
They are also known as "hold-outs" because they did not sign up to a restructuring of debt which the majority of bond-holders agreed to in 2005 and 2010.
Under that deal, investors agreed to settle for about one-third of what they were originally owed.
However, hedge funds NML and Aurelius Capital Management bought up a large chunk of the remaining distressed debt at low prices.
They demand to be paid the full face value of their holding.
'Shameful handling'Mr Capitanich said Argentina would denounce the "vulture funds" before the International Court of Justice at The Hague and the United Nations General Assembly.
He said the US was to blame for it's "shameful" handling of the funds' case against Argentina.
"The responsibility lies with a state, that of the United States of America," he said in a news conference at the presidential palace.
Mr Capitanich accused the US of "not acting in an adequate manner".
The Argentine government had expected the dispute to go all the way to the US Supreme Court, which would have bought the country more time.
But in June, the Supreme Court declined to hear Argentina's appeal against the decision of a lower court that made it liable for the money.
Under that court's ruling, Argentina cannot use the US financial system to keep paying the restructured bondholders unless it also pays the "vulture funds", placing it in technical default.
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