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BUSINESS
August 22, 2001 | CHRIS KRAUL and WARREN VIETH, TIMES STAFF WRITERS
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.
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NEWS
April 24, 2002 | From Times Wire Services
Argentina's economy minister resigned Tuesday, touching off a new crisis over how to steer the once-prosperous country out of a deep financial downturn that has sparked near-daily street protests and political upheaval. Jorge Remes Lenicov quit amid increasing opposition to his latest plan to rescue Argentina from a four-year recession. Argentine news reports said Alieto Guadagni, a foreign trade specialist who held posts under former President Carlos Menem, was offered the job.
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BUSINESS
July 17, 2001 | CHRIS KRAUL, TIMES STAFF WRITER
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.
BUSINESS
December 7, 2001 | From Bloomberg News
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.
BUSINESS
August 23, 2001 | From Associated Press and Bloomberg News
--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.
BUSINESS
March 14, 1995 | Times Staff and Wire Reports
Argentina Gets IMF Loan Package: The government announced that it has put together a financing package that will give it an extra $11.1 billion to back the peso's fixed 1-to-1 link to the U.S. dollar. The package includes a renewed loan from the International Monetary Fund worth $2 billion and a similar amount pledged by local business people and foreign banks, Economy Minister Domingo Cavallo told a news conference in Buenos Aires.
BUSINESS
January 11, 1990 | From Associated Press
Federal regulators have ordered banks to more than double their reserves for loans to Argentina, a move expected to cut into big banks' profits in the fourth quarter, an official said Wednesday. In letters to the nation's largest banks, banking agencies instructed them to boost loss reserves on loans to Argentina to 35% from 15% of loan amounts when they report October-December results, said an official of the Federal Deposit Insurance Corp., who spoke on condition of anonymity.
NEWS
August 14, 1991 | WILLIAM R. LONG, TIMES STAFF WRITER
Miguel Pla worked a lifetime with the expectation that a respectable pension awaited him when his working years were over. And so it was. Pla retired from his job as a bookbinder in 1985 and began collecting his monthly check from the Argentine government system. "It was enough to live on," recalls Norma Pla, his widow. "It was plenty." At 62, she has continued to collect the checks. But ravaged by the effects of Argentina's rampant inflation, they no longer provide security. And like Mrs.
BUSINESS
February 24, 1988 | ART PINE, Times Staff Writer
Argentina reached tentative agreement Tuesday with the International Monetary Fund on a series of measures designed to repair its flagging economic restructuring program and enable it to resume borrowing money from the 151-country organization. The measures, which still must be approved formally by the IMF's executive board, will permit Argentina to borrow about $380 million from the IMF in late March, thus resuming installments on a $1.4-billion IMF loan it negotiated last summer.
BUSINESS
August 23, 2001 | From Associated Press and Bloomberg News
--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.
BUSINESS
August 22, 2001 | CHRIS KRAUL and WARREN VIETH, TIMES STAFF WRITERS
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.
BUSINESS
August 20, 2001 | ANTHONY BOADLE, REUTERS
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.
BUSINESS
July 17, 2001 | CHRIS KRAUL, TIMES STAFF WRITER
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.
NEWS
December 19, 2000 | SEBASTIAN ROTELLA and CHRIS KRAUL, TIMES STAFF WRITERS
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.
BUSINESS
August 21, 1999 | From Reuters
Latin America trembled Friday after tiny Ecuador warned it was having trouble paying its foreign debt and Argentina faced a debt downgrade, but governments throughout the region took steps to head off yet another emerging-market debt crisis. The three Latin American economic powerhouses--Brazil, Mexico and Argentina--sought to reassure anxious investors that their economies are basically sound and not in danger of falling prey to the fundamental problems plaguing Ecuador.
BUSINESS
April 2, 1989 | ART PINE, Times Staff Writer
Imagine a Latin America ruled by leftist governments that are hostile to the United States: Debtor countries there default on loans to big U.S. banks. And some $40 billion in American exports are no longer welcome.
NEWS
August 20, 1997 | From Times Wire Reports
Argentina will issue $3 billion in bonds to compensate relatives of those slain or missing in the wake of the 1976-83 military dictatorship. The government is planning to compensate about 15,000 claimants with bonds next year under the terms of a 1994 law, an Economy Ministry official said. The law called for families to receive $200,000 each.
BUSINESS
March 14, 1995 | Times Staff and Wire Reports
Argentina Gets IMF Loan Package: The government announced that it has put together a financing package that will give it an extra $11.1 billion to back the peso's fixed 1-to-1 link to the U.S. dollar. The package includes a renewed loan from the International Monetary Fund worth $2 billion and a similar amount pledged by local business people and foreign banks, Economy Minister Domingo Cavallo told a news conference in Buenos Aires.
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