IMF Sells Argentina's Defaulted Loan to MBNA
(2002-11-14) -- After being notified by President Eduardo Duhalde that Argentina would miss an $805 million debt payment to the International Monetary Fund, the IMF announced it was selling the debt to MBNA, the American credit card company.
President Duhalde said, "To pay today, in these conditions, would be risky for the economy. I refuse to make promises that cannot be fulfilled."
Shortly after the announcement, President Duhalde received the following letter from MBNA:
Dear Mr. Duhalde,
Take a vacation from your payments!
That's right, Mr. Duhalde, make no payment on your MBNA account this month.
Why are we doing this for you? Because you are a valued customer, and you deserve a break. Don't you agree?
Think of what you could do this month with an extra $805,000,000. Take the family to dinner at a fancy restaurant...in a limousine! See a Broadway show...with four of your closest friends! Enjoy a weekend getaway...to a sunny island!
In fact, if you need a little extra cash, we have extended your credit line by $1,500.
So, go ahead. Live a little!
Sincerely,
Ray Vuelve, Vice President
MNBA Credit Marketing |
