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Politics : Politics for Pros- moderated

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To: KyrosL who wrote (23866)	1/13/2004 4:00:17 AM
From: LindyBill	of 793871

I think Argentina is smoking something. If they bail out of their debt, they won't get credit. Argentina tells IMF it will pay back only 25% of its debt MONTERREY, Mexico (AP) - Argentina told the International Monetary Fund on Monday that it would only pay 25 percent of its foreign debt, Economy Minister Roberto Lavagna said. In a meeting with IMF Managing Director Horst Koehler, Argentine President Nestor Kirchner said his country would not budge from its aggressive debt restructuring offer, which seeks a 75 percent reduction of some US$100 billion defaulted debt. Lavagna said the country's debt is keeping Argentina's economy from growing. IMF officials were not available to comment. Kirchner was scheduled to meet with Bush on Tuesday on the sidelines of a Special Summit of the Americas. On Friday, Bush's national security adviser, Condoleezza Rice, said the U.S. president will tell Kirchner he must face "some difficult decisions and some difficult steps.'' Argentina unveiled its initial debt offer in September, telling creditors it wanted a 75 percent haircut and that it wouldn't pay some US$18 billion in past-due interest. - AP

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