September 11, 2003 |
Argentine officials have reached an agreement with the International Monetary Fund to roll over $12 billion in debt, the government said Wednesday, easing a two-year debt crisis that helped bring down three presidents. Argentina became a pariah to the international financial community when its spiraling debt and banking crisis forced President Fernando de la Rua from power in December 2001 and forced it to declare itself in default on $103 billion in public debt.
September 10, 2003 |
Argentina defaulted on a $2.9-billion loan owed to the International Monetary Fund, complicating efforts to restore its standing with the international financial community. It was the second time this year the nation failed to make a payment to a multilateral lender. It also missed a deadline on a $681-million payment to the World Bank in January.
July 19, 2003 |
No one is yet talking about headway or even momentum, but talks between Argentina and the International Monetary Fund have stirred to life, bringing cautious hope that the government may soon restructure its $150-billion debt and start to shed its deadbeat status. Argentina's economy has been crawling back from its December 2001 collapse, which triggered the largest sovereign debt default in history and a peso devaluation that robbed millions of Argentines of their life savings.
April 30, 2003
Argentina stands with one foot on the edge of salvation. The other is stuck on the muddy path that leads deeper into a political and economic Hades. The South American nation plunged down that trail 16 months ago. Enraged by the government's continued belt-tightening and its decision to limit the amount that people could take from their bank accounts, tens of thousands of poor and middle-class Argentines ransacked stores, broke bank windows and attacked government buildings.
April 14, 2003 |
World financial leaders acknowledged Sunday that they are in danger of losing "the other war," conceding that their failure to follow through on past pledges is contributing to global poverty, health crises and other ills. Members of the International Monetary Fund and the World Bank ended their spring meetings here with fresh promises to participate in the reconstruction of Iraq.
November 11, 2002 |
An International Monetary Fund team will arrive in Sao Paulo today on a quarterly mission to review Brazil's $30-billion loan package. The visit also will mark the fund's first formal dialogue with President-elect Luiz Inacio Lula da Silva. Although outgoing President Fernando Henrique Cardoso and his team will lead discussions with IMF-Brazil point man Jorge Marquez-Ruarte, Lula and his team will participate in talks on economic goals from Jan. 1, when his government is set to take over.
September 29, 2002 |
As protesters denounced the global economic regime, world leaders agreed Saturday to pursue new ways of resolving financial crises, including a groundbreaking bankruptcy court process for insolvent governments. Members of the International Monetary Fund's policy-making panel also promised to make good on an earlier pledge to contribute another $1 billion for Third World debt relief. The actions came during the first day of official deliberations by members of the IMF and World Bank.
September 26, 2002 |
America's corporate accountability crisis is sapping the strength of the world economy, the International Monetary Fund said Wednesday as it reduced its estimates of global growth in 2003. IMF economists said U.S. financial scandals were contributing to a sluggish recovery from last year's global recession by undermining investor and consumer confidence around the world, depressing markets and slowing the cycle of production and consumption. They predicted the world economy would expand at a 3.
August 20, 2002 |
Amid growing concern that a massive bailout by the International Monetary Fund may not be enough to stave off financial panic and collapse in Brazil, President Fernando Henrique Cardoso held emergency talks Monday aimed at winning concessions from the two leftist politicians who lead the race to succeed him. The candidates, Luiz Inacio Lula da Silva of the Workers' Party and Ciro Gomes of the Labor Front, both made conciliatory statements after the meetings.
August 8, 2002 |
The International Monetary Fund agreed Wednesday to its largest bailout ever, a $30-billion loan to Brazil that comes amid growing social unrest and political upheaval in South America. The announcement came at the end of a three-nation tour of the continent by U.S. Treasury Secretary Paul H. O'Neill. The visit coincided with a major shift in U.S. policy, with the Bush administration showing increased willingness to rescue the region's troubled economies.