August 15, 2001 |
Argentine Economy Minister Domingo Cavallo on Tuesday urged citizens to return almost $10 billion they have pulled from domestic banks since the end of June, saying it would help the country avoid a currency devaluation and debt default. That money, he told a group of economists and students, remains in Argentina and could help make the financial system stable.
August 13, 2001 |
Argentine Finance Secretary Daniel Marx said Sunday that ongoing talks with the International Monetary Fund were productive, but cautioned it could take several weeks to secure a new loan. Marx and a delegation from Buenos Aires have spent the last three days locked in marathon meetings with IMF staffers.
August 9, 2001 |
Argentina is negotiating with the International Monetary Fund on an aid package worth as much as $9 billion, a top Economy Ministry official said. "We're working [with the IMF] on a hypothesis that goes between $6 billion and $9 billion," Treasury Secretary Jorge Baldrich was quoted as saying by local wire services. A high-ranking official within the Economy Ministry confirmed that Baldrich had made the statement earlier.
August 6, 2001 |
Argentine Economy Minister Domingo Cavallo was confident Sunday that a visit by U.S. Treasury official John Taylor would help secure aid from the International Monetary Fund to boost confidence and stave off fears of a debt default. But in an interview with leading daily La Nacion Sunday, Cavallo was evasive about whether he had sought new cash on top of pre-agreed disbursements from multilateral lenders such as the IMF and what kind of IMF help he meant. "I am sure . . .
August 5, 2001 |
John Taylor, international point man for the U.S. Treasury Department, concluded a visit to Argentina saying he was impressed with its measures to erase its budget deficit and spur growth. In a U.S. Embassy statement issued shortly before he was due to fly back to the United States, the Treasury undersecretary for international affairs said his meetings with top Argentine government officials had been "fruitful and detailed."
August 4, 2001 |
The International Monetary Fund said Friday that it was prepared to accelerate a $1.2-billion loan to Argentina and establish a $15-billion line of emergency credit for Brazil in an effort to keep economic troubles in the two South American nations from spreading. IMF Managing Director Horst Koehler said he will recommend the actions.
August 3, 2001 |
The Bush administration signaled support for accelerating planned loans to Argentina, which is struggling to contain a financial crisis. The Treasury Department's top international official was heading to Argentina on an emergency fact-finding trip. Undersecretary John Taylor said before his departure for meetings in Buenos Aires that he believed there was a good chance the disbursement of new loans to Argentina by the International Monetary Fund would be approved soon.
August 2, 2001 |
Argentina's troubled economy suffered another glum day Wednesday, as stock and bond prices continued their downward slide despite the latest government attempt to relieve its debt financing burden for this year. The Merval stock index sank 4.3% to 307.80, bringing its year-to-date loss to 26%. Argentine bonds also got a pounding by foreign investors, sending yields soaring. The sell-offs occurred despite a steady stream of positive news emanating from Argentina's political world this week.
July 31, 2001 |
The Argentine government's key austerity bill was finally passed by Congress in a move seen as vital to quash fears of imminent default and help the economy out of crisis. After an all-night debate, the opposition-dominated Senate approved the unpopular bill to end deficit spending and slash state salaries and some pensions by as much as 13%, in an eagerly awaited predawn vote.
July 25, 2001 |
Jacqueline Bua knows there are real enemies in the world, but more than anything, she says she has become a victim of forces beyond her control. Last year, the health-care worker saw her salary drop by 12%, and she expects it to fall an additional 13% because of what are known here as "adjustments," cuts ordered by the government to help balance the budget. The cost of essentials has climbed, with gasoline, for example, topping $4 a gallon.