Word: alfonse
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Despite last week's meeting, the Latin American countries do not form a united and cohesive bloc. While the two heaviest debtors, Brazil ($93.1 billion) and Mexico ($89.8 billion), have taken drastic measures to rein in their runaway economies, Argentina ($45.3 billion) is still a maverick. Two weeks ago...
Few subjects infuriate Argentine President Raúl Alfonsín more than what happened to the billions of dollars his country borrowed in the late '70s. Says he: "The foreign debt's most irritating feature for the Argentines is that the money was not converted into the...
Cold winter weather settled over Argentina last week, but for President Raúl Alfonsín the heat was on. A team of negotiators from the International Monetary Fund was pressing Alfonsín to curb Argentine wages and government spending as part of an austerity program that would...
Seeing no easy way out of his bind, Alfonsín made an unorthodox move. Without reaching an agreement with the IMF negotiators in Buenos Aires, Alfonsín sent his own economic plan to IMF headquarters in Washington in a direct plea to Managing Director Jacques de Larosiè...
While Alfonsín haggles with the IMF, a crucial deadline is drawing perilously close. If Argentina does not pay $500 million in interest on its $43.6 billion debt by June 30, U.S. banks will have to subtract the missing payments from second-quarter profits. Faced with a similar dilemma...