December 7, 2001 |
Argentina, which is defaulting on its debts, said it will seize $2.3 billion of retirement savings by forcing private pension funds to transfer the money to a state bank in exchange for Treasury bills. The government targeted savings every worker is required to set aside from their paychecks since the creation of a private pension system in 1994, after the International Monetary Fund withheld a loan.
August 23, 2001 |
--News of an international bailout plan for Argentina sent the nation's stocks soaring Wednesday and left President Fernando de la Rua upbeat about the country's debt crisis. But anti-government marchers returned to the streets just hours after the International Monetary Fund extended $8 billion to Argentina late Tuesday. Protesters said they remained concerned about the lack of signs of an economic recovery.
August 22, 2001 |
The International Monetary Fund said Tuesday it is prepared to provide $8 billion in new loans to help the government of Argentina keep its ailing economy afloat and avoid a potential default on its foreign debt. IMF Managing Director Horst Koehler urged the fund's executive board to boost Argentina's existing $14-billion credit line to $22 billion, the IMF said.
August 20, 2001 |
Argentina is negotiating a long-term plan with the International Monetary Fund that looks at fiscal and debt scenarios until 2010 in a bid to obtain new financial aid, Argentine officials said over the weekend. The novel program is the result of an ongoing debate on reforming international financing agencies that the Bush administration has insisted on pushing forward, they said. "The conversations are complex," Argentine Finance Secretary Daniel Marx told reporters late Saturday.
July 17, 2001 |
In a move designed to reassure nervous investors, President Fernando de la Rua reached agreement Monday night with the main opposition governors to back a plan that would cut the budget. The agreement was announced hours after the stock market continued its plunge. The pact's details are to be announced today. "We have arrived at an agreement in fundamental concepts to arrive at zero deficit," Cabinet chief and lead negotiator Chrystian Colombo told reporters. Salta Gov.
December 19, 2000 |
The International Monetary Fund announced Monday a $39.7-billion bailout package for Argentina aimed at heading off a massive default here and the shock waves that could result throughout Latin America and beyond. The financial rescue, echoing bailouts of Mexico and Brazil in the 1990s, was seen as a concrete confirmation of the fears among Argentines that a living standard that was once the envy of the continent is deteriorating fast.