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Strategies & Market Trends : P&S and STO Death Blow's
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To: Jeff who started this subject11/14/2002 12:52:24 PM
From: Softechie  Read Replies (2) of 30712
 
Argentina to Default on World Bank Debt
46 minutes ago

BUENOS AIRES, Argentina (Reuters) - Argentina confirmed on Thursday it would not fully meet an $809 million World Bank (news - web sites) debt payment deadline on Thursday, heralding a likely multilateral debt default that will cut off one of its last avenues to aid.

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"The country's level of reserves prevents it from paying the total of the quotas that expire today, because (the reserves) would be left below the $9 billion that the (International Monetary Fund (news - web sites)) recommends to maintain the stability of the monetary Program," Cabinet Chief Alfredo Atanasof said in a statement.

"By paying the interest of the payments (due), Argentina aims to continue negotiating for a definitive deal with the IMF (and) avoid default," he added.

A government source had previously told Reuters of the payment to be missed, and that only around $80 million in interest would be paid.

Paying only the interest on the loan is not enough to avoid Argentina entering into default -- a move that relegates it to a club of debt deadbeats that includes Iraq and Zimbabwe.
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