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To: StanX Long who wrote (54952)	10/31/2001 11:42:02 PM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Argentina Fails to Reach Deal with Governors October 31, 2001 9:36:00 PM ET news.moneycentral.msn.com BUENOS AIRES, Argentina (Reuters) - Argentina failed to reach an agreement with powerful provincial governors late Wednesday on federal funding cuts that are key to a debt swap and rescue package aimed at easing fears the recession-hit economy could default on its hefty debt load. Details of the much-awaited debt swap and the economic stimulus plan, expected as soon as Thursday, have been held up for two weeks as the federal government has struggled to reach a consensus with provincial governors to trim monthly payments to the provinces. Economy Minister Domingo Cavallo has said such an agreement would make it easier for Argentina to balance its budget -- a condition for proposed International Monetary Fund bailouts -- and pave the way for a debt swap that will trim interest costs on the country's $132 billion public debt. Cavallo said he believed an agreement with the governors would be reached. ``I think that we are going to reach an agreement, all of us want that,'' Cavallo told reporters. Cavallo said the government is working to make sure the measures can be implemented immediately once announced so ``the people don't have to be worried that the announcements don't come today and that they come instead perhaps tomorrow (Thursday) or the next day.'' © 2001 Reuters