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To: ahhaha who wrote (80217)	12/26/2001 9:08:46 AM
From: long-gone	Respond to of 117047

Friday December 21, 10:21 am Eastern Time ING has 750 mln euros exposure to Argentina (UPDATE: Adds details, market comment, background) AMSTERDAM, Dec 21 (Reuters) - Dutch financial services group ING said on Friday it has exposure of 750 million euros ($670.8 million) to Argentina, but said most of this was secured and the group does not plan to increase provisions for risky debt. ADVERTISEMENT -------------------------------------------------------------------------------- ING spokeswoman Joyce Hulst said 150 million euros of the credit exposure was to Argentina's government and 600 million euros to large multi-national companies in the South American country, which is facing a severe economic and social crisis. Shares in ING, which analysts say is heavily exposed to emerging markets through its U.S. insurance operation Aetna, were earlier pressured amid fears ING could be hard hit if Argentina devalues its currency and defaults on its debt. News that ING's Argentina loans were mostly secured pushed the stock slightly higher, although investor anxiety the crisis could spread throughout emerging economies remained. By 1520 GMT ING traded up 1.1 percent at 27.10 euros. The stock has fallen about 36 percent so far this year and underperformed the benchmark Dow Jones Financial Services index. ``ING Bank is historically quite exposed to emerging markets. Aetna insurance has a lot of activities in emerging markets. So it's not just Argentina, but the possible contagion effect this could have,'' CSFB Benelux equity specialist Thijs Jochems said. Exposure to risky investments has hurt ING already and the company was forced to slash its full-year profit forecast in October, when it hiked its claims estimate from the September 11 attacks to 600 million euros from 50 million. ``Most of our credit in Argentina is secured and we are not planning any further provisions,'' Hulst said. biz.yahoo.com

To: ahhaha who wrote (80217)	12/26/2001 10:03:57 AM
From: IngotWeTrust	Respond to of 117047

ahhaha, not only do I remember Arg's 1970's problems, this post ought2o make any silverbug's day: Arg's 1970's negotiated debt/default solution was to turn over to the market, hoarded thousands upon thousands of tons of stockpiled SILVER to get square. Chart devinators should check out the length of time silver traded in the $2.25ish range working off that dumped supply. And if memory serves, Argentina has consistently mining silver since 1970 as well...Oh, well...sorry 'bout that, silverbugs. Told you I'd make silver bugs happy... :) Santa good to you, Jim? How t'heck does Santa find something you don't already have for YOUR stocking? :) Have a great '02! gold_tutor