Word: argentinas
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...Daschle doesn't lack for ammunition. Congress' first order of business when it returns to work Monday will be to heed Treasury Secretary Paul O'Neill's plea and raise the current $5.95 trillion federal debt ceiling to $6.7 trillion, lest the U.S. government default on its paper, Argentina-style. And Friday morning Bush's own Labor Department gave Daschle a nice hook to work into his speech when it announces the unemployment numbers for December. (Up again, slightly, to 5.8 percent...
...next economic expansion starts to take shape. Sure, it'll be an expansion without a peace dividend, weighed down by defense and security spending and a travel industry that may have suffered permanent damage this year, and constantly in danger from economies in Japan, Europe and Argentina that are still getting worse even as the U.S. one starts to look better...
Scrambling to fill the leadership vacuum, Congress prepared to name provincial governor Adolfo Rodriguez Saa as acting President until an election is held on March 3. But Argentina's collapsing finances demand urgent attention. Default on the country's $132 billion debt seems inevitable--especially since last week's popular rage was fed by the government's preoccupation with servicing debt in the midst of an economic meltdown. Unemployment has skyrocketed to more than 19%. Add to that a split in the opposition Peronist party, and it's clear that an end to Argentina's woes will not come soon...
...collapsed, as a long-running economic crisis spilled on to the streets. In two days of rioting, more than 20 people died. Now, as a matter of cool logic, it is easy to demonstrate that nobody in Washington need lose a minute's sleep over the land of tango. Argentina is hardly a stranger to economic queer streets; its economy is only the size of Ohio's. Besides (so we are told), Wall Street has long since "discounted" the prospect of a default on Argentina's sovereign debt, so there's no need to worry. On the other hand...
...ARGENTINA Down and Out Overwhelmed by a 43-month recession, an economy contracting at 11% a month, 19% unemployment and a public debt of $132 billion, the government of President Fernando de la Rúa collapsed. At least 27 people died in street violence as police fired on rioters protesting new austerity measures. Economy Minister Domingo Cavallo, who also resigned, was largely blamed for the inept handling of the financial crisis, which has left Argentina on the brink of the biggest debt default in history. Congress' Peronist majority chose Adolfo Rodr?guez Saá to serve as President until...