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To: James Strauss who wrote (10465)	12/19/2001 1:30:10 PM
From: Bucky Katt	Respond to of 13094

Jim, as we both have learned, he who has the most shares can do as he pleases...The other shareholders are just along for the ride... BTW, do you think Motorola can shrink it's way to profits/growth? Check this post, if it happens, everything will change, again. Message 16810743

To: James Strauss who wrote (10465)	12/23/2001 7:39:30 PM
From: Bucky Katt	Read Replies (1) \| Respond to of 13094

Argentina defaults on $155bn debt repayments, largest default in history....And why not, it's just paper anyway... Argentina's new government on Sunday announced the largest sovereign debt default in history, declaring it would stop paying its $155bn public debt and create a "third currency" to kick-start its shattered economy. Shortly after being sworn in as the new Peronist interim president, Aldofo Rodríguez Saá said the country would also resist pressure to devalue the peso. In a speech that represented a radical departure from the orthodox, free-market policies of the past 12 years, Mr Rodríguez Saá said the third currency would allow funds to be channelled into social programmes to calm the social unrest which led to the collapse of Fernando de la Rúa's government last Thursday and left 28 people dead. "We are going to take the bull by the horns. I announce that the Argentine state will suspend payments on the foreign debt," Mr Rodríguez Saá said, to a roar of approval in congress. He predicted the International Monetary Fund would look favourably on his plan and added that Argentina would eventually renegotiate outstanding debt. would float alongside the pesos and US dollars already in circulation. The peso would remain pegged to the dollar at a one-to-one rate, as it has for the past 10 years. The new government appointed Rodolfo Frigeri, a Peronist deputy and former head of one of the country's largest state financial holdings, as treasury, finance and public revenue secretary. The government's first priority is to quell the public rage that toppled the de la Rua government. "You have to deal with the social problems first or the whole place goes up in smoke," said Peter West, chief economist for Latin America at BBVA bank. Argentina is enduring its fourth consecutive year of recession and has been attempting to restructure its debt. That process now looks set to collapse as the government suspends payments altogether. The moratorium is likely to last at least until a presidential election on March 3. Following an all-night session, congress decided early yesterday that the new elected president will only serve out the remaining two years of Mr De la Rua's term, whereupon a fresh election will be held. Mr Rodríguez Saá, a provincial governor of the Peronist party which ruled Argentina from 1989-99, made clear yesterday that he had no intention of being the person who would devalue the currency, a move widely expected by analysts. "A devaluation would mean reducing the salaries of workers," he said. Instead, "we will propose the introduction of a third currency to inject liquidity [into the Argentine economy]. This will not hurt anyone and will bring a benefit to Argentine households." But with the future of the decade-old currency "convertibility" system in jeopardy, Argentina has witnessed a proliferation of "pseudo currencies" throughout the country as provinces struggle to meet basic payments. With cash in short supply, these notes have been accepted by everyone from McDonald's to petrol stations, turning them into a virtual currency. At least eight other provinces have also started printing such paper. On Sunday, Peronist leaders said the provincial bonds would be absorbed by the new currency. More>http://news.bbc.co.uk/hi/english/world/americas/newsid_1726000/1726195.stm