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Microcap & Penny Stocks : Emerging Company Report TV Program

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To: dbmedia who wrote (387)	8/22/2001 10:26:41 AM
From: dbmedia	Read Replies (1) of 526

Argentine Stocks Shoot Higher on IMF Deal BUENOS AIRES, Argentina (Reuters) - Argentine stocks shot sharply higher early on Wednesday as investors hoped fresh financing from the International Monetary Fund would ease the country's financial crisis. The benchmark MerVal (.MERV) stocks index was up over 5 percent within the first half-hour of trading after the IMF said late on Tuesday it planned to provide Argentina with $8 billion in new aid, soothing fears of a debt default. ``There's a lot of optimism. This deal is no panacea, but people are talking about buying shares at 10 percent above their levels at the open,'' said Eduardo Peressini, a trader for Martorell brokerage. Leading financial share Grupo Financiero Galicia headlined gainers, up 10 percent to $1.06. Argentina has been plagued for months by fears a long recession could lead it to devalue its currency or default on its $128 billion public debt.

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