Word: argentinas
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Dates: during 1980-1989
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...banking community, it was a close call. Argentina's largest private creditors are several New York banks, including Manufacturers Hanover ($1.3 billion on loan), Citicorp ($1.1 billion) and Chase Manhattan ($775 million). According to estimates by the Keefe, Bruyette & Woods investment firm, the missed payments on Argentine loans could have cut Manufacturers Hanover's expected earnings in the first quarter 28%, while Chase would have suffered a 12% decline and Citicorp a 7% dip. Many smaller banks outside New York would also have felt the pinch. Crocker National of San Francisco ($440 million on loan) faced an estimated...
...bankers argued that Argentina could pay at least part of its interest with some $400 million or more that the country has on hand from the sales of such exports as meat and grain. But Grinspun said the money was needed to pay for imports. He asked for new loans and suggested that Argentina be given 15 years to pay off its debt, nearly half of which comes due this year. "I must declare very clearly to you," the Minister warned, "that Argentina cannot continue to devote two-thirds of its export earnings and 8% of its national production...
...talks went nowhere until Jesuús Silva Herzog, Mexico's Finance Secretary, suddenly suggested a multinational loan for Argentina. Everyone liked the idea, and by the time the Punta del Este conference broke up on Wednesday, the U.S. Treasury was taking the lead in hammering out the details of a rescue plan. For the next 48 hours, negotiators and financial technicians worked almost round the clock in both Buenos Aires and Washington. Representatives of Mexico, Brazil, Venezuela and Colombia joined in by telephone...
...focus of attention will now shift to the bargaining between Argentina and the IMF. Last year the IMF and the banks negotiated a $1.5 billion loan for Argentina, of which the country has drawn $500 million. The IMF suspended the rest of the credit line, however, when Argentina failed to stick to agreed-upon targets for cutting government spending and slowing inflation. After Raul Alfonsin became President in December, the new civilian government gradually began working on an economic program that would satisfy...
...Argentina promised last week that it would slash its government deficit from 14% of national output to 9% as a way of curbing inflation. But Alfonsin may have trouble getting Argentine labor unions to accept wage restraint. The opposition Peronist party tightly controls many of the unions. Alfonsin has tried unsuccessfully to push a bill through Congress that would have made unions more democratic...