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Strategies & Market Trends : Strictly: Drilling II

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To: Frank Pembleton who started this subject	11/8/2001 7:21:10 AM
From: Frank Pembleton	Read Replies (1) of 36161

Argentina breaks impasse in debt talks Alistair Scrutton -- Reuters nationalpost.com BUENOS AIRES - Argentina won a breakthrough yesterday in spending talks with provinces seen as key to pulling off a controversial debt swap and winning U.S. support and International Monetary Fund aid to avoid default on its US$132-billion public debt, which some say is already upon it. President Fernando de la Rua's government reached an accord with governors from its ruling coalition and hoped to sign an even more crucial deal with powerful opposition governors, who run most of the country's 23 provinces. A final deal would be a Godsend for the embattled Mr. De la Rua, pushing for spending cuts to avoid the biggest sovereign default in history in what would be another blow to a global economy trying to find its feet in the wake of the Sept. 11 attacks on the United States. The President, who has spent most of his two years in office scrambling to save South America's second-largest economy from recession, wants to reach a deal before a meeting with George W. Bush, the U.S. President, in New York on Sunday. An accord would send a strong message from Mr. De la Rua that his government can pass spending cuts that are a condition for any IMF help over bond swaps planned with foreign investors. Economy Minister Domingo Cavallo hopes the swap will save the government some US$4-billion next year and give the government, which devotes a fifth of its budget to interest payments, breathing room to revive the moribund economy.

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