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To: X Y Zebra who wrote (7020)	7/12/2001 10:51:56 PM
From: X Y Zebra	Respond to of 209892

msnbc.com Argentine stocks dive 8.16 percent Fears of debt default spook jittery market BUENOS AIRES, Argentina, July 12 — The Argentine government’s attempt to allay default fears and spur the economy out of a three-year slump with a “zero deficit” plan angered some of its own political allies on Thursday and was met with yet another market slide. <snip> RISING RISK Country risk, the premium Argentina must offer to attract investors over U.S. Treasuries, rose to 1,546 points or more than 15 percentage points, double the level it was at when De la Rua came to power in 1999. In a country which often seems to pull back from the brink of financial crisis at the last minute, the country risk is still under 2,295 points it hit during the Mexico “tequila” regional financial crisis of 1995. Finance Undersecretary Julio Dreizzen said Argentina would not have a balanced budget in the next few months, according to market sources who listened in on a conference call on Thursday. Peronist governors, who control 13 of 23 provinces, plan to meet later on Thursday to respond to the government’s plan. Argentina’s largest labor movement, the General Labor Confederation, called a meeting amid fears that austerity measures in a country where a third of the 36 million people live in poverty, could spark more protests. Street protests and highway blockades have mushroomed during De la Rua’s rule and polls show the risk of “social explosion” is a major worry of Argentines.