Word: argentinas
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...Worst Crisis After three years of grinding recession, Argentina is on the brink of devaluing the peso and defaulting on its $132 billion debt. A recent run on the banks forced the government to limit cash withdrawals to $250 a week. Could Argentina set off a crisis in emerging markets, like the one that began in Asia in 1997? Maybe not. Its economy has been in so much trouble this year that a collapse would be almost anticlimactic...
Osama who? U.S. media may have spent the week fretting over the whereabouts of Bin Laden and the fate of John Walker, but concerns abroad are elsewhere. Argentina's economic and political meltdown dominated headlines from London to Manila, much of the world media bracing for some scary global financial fallout. (Not that foreign media were immune to the fate of John Walker - Pakistan's Peshawar-based Frontier Post, whose op-ed pages are more commonly filled with denunciations of America's campaign in Afghanistan, carried a piece by conservative American columnist Anne Coulter expressing the hope that "the government...
...Britain: Argentina's agony...
...London's Financial Times, the fact that the crisis had been visibly in the making for years acted to contain any international fallout. "Because the crisis has been predictable," wrote columnist Martin Wolf, "there may be minimal contagion to other borrowers." But Argentina's collapse will sway international thinking on currency convertibility and the debt levels that can be sustained by developing countries, and the role of the International Monetary Fund. "Senior officials at the Fund argue that the Fund is caught in a trap. If it refuses to support the government, it will be blamed for the chaos that...
...debt. Over the past decade or so, agencies such as the IMF and the World Bank have moved towards a more realistic approach to writing off some of the more extravagant debts owed to them, and this has been successful. Something of the same must now be offered to Argentina. But painful change in that country too cannot be long delayed, even if it can be ameliorated...