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To: TobagoJack who wrote (45389)	1/30/2004 5:38:49 PM
From: elmatador	Read Replies (1) \| Respond to of 74559

While linguistics anf philologists analyse AG speak... US stocks slip after disappointing GDP data By Elizabeth Wine and Dave Shellock Published: January 30 2004 12:55 \| Last Updated: January 30 2004 21:26 Stocks on Wall Street retreated on Friday after US fourth-quarter gross domestic product failed to match analysts' expectations. news.ft.com How Bush will feed his "economic growth to the masses?

To: TobagoJack who wrote (45389)	1/30/2004 5:49:10 PM
From: elmatador	Read Replies (2) \| Respond to of 74559

Argentina may not be bluffing in debt talks endgame Fri January 30, 2004 10:06 AM ET (Page 1 of 2) By Alistair Scrutton and Hugh Bronstein BUENOS AIRES/NEW YORK, Jan 30 (Reuters) - Investors are shaking their heads in frustration at Argentina's refusal to budge on debt talks despite the IMF, creditors, banks and courts piling on pressure to soften the government's stance. It was not meant to be like this. Many bondholders had hoped the government's proposal to pay back only a quarter of the $88 billion in debt defaulted on two years ago was just a bluff for the negotiating table. Now they are not so sure. "We're starting not to get it -- because it seems that they've crossed the line (in terms of) of their strategy being economically rational," said Hans Humes, co-chairman of the Global Committee of Argentina Creditors and a manager at the Van Eck Global Opportunity Fund, which holds more than $230 million in defaulted Argentine bonds. Argentina insists its proposal -- which calls for a deeper cut or "haircut" than Russia's or Ecuador's debt deals several years ago -- is not negotiable. Officials argue anything more will jeopardize economic recovery. But creditors -- who want to be repaid at least 65 cents on the dollar -- say that while President Nestor Kirchner's stance is popular in Argentina, it could easily backfire amid lawsuits and a blocking of multilateral aid. "Kirchner may be willing to exact a very large economic toll on the country in exchange for short-term political benefit," Humes said. "On the other hand, he has the reputation for being a pragmatist. So he may just take it up to the line." The International Monetary Fund -- Argentina's last international lifeline after signing a $12.55 billion aid deal last year -- warned this week the government must "forcefully" step up talks as a condition for help. A U.S. court deadline over Argentina's debt expires on Friday, meaning foreign bondholders will be allowed to try and seize government assets to recoup money lost from the world's biggest sovereign default. And investors say the possible withdrawal of Goldman Sachs (GS.N: Quote, Profile, Research) and Morgan Stanley (MWD.N: Quote, Profile, Research) from the race to advise Argentina on debt has added to a feeling that Argentina was left in the financial cold. "Everything indicates the main banks have withdrawn (from advising the government). There is no precedent of such a huge debt operation without banks," said Miguel Kiguel, a debt consultant and senior financial official under ex-President Carlos Menem. "I don't see how the government can go on." Continued ... 1\| 2 Next reuters.com