Return-Path: <sentto-279987-3385-1003961080-fc=all.net@returns.onelist.com> Delivered-To: fc@all.net Received: from 204.181.12.215 [204.181.12.215] by localhost with POP3 (fetchmail-5.7.4) for fc@localhost (single-drop); Wed, 24 Oct 2001 15:06:08 -0700 (PDT) Received: (qmail 26617 invoked by uid 510); 24 Oct 2001 22:04:07 -0000 Received: from n21.groups.yahoo.com (216.115.96.71) by 204.181.12.215 with SMTP; 24 Oct 2001 22:04:07 -0000 X-eGroups-Return: sentto-279987-3385-1003961080-fc=all.net@returns.onelist.com Received: from [10.1.4.53] by n21.groups.yahoo.com with NNFMP; 24 Oct 2001 22:04:11 -0000 X-Sender: yangyun@metacrawler.com X-Apparently-To: iwar@yahoogroups.com Received: (EGP: mail-8_0_0_1); 24 Oct 2001 22:04:39 -0000 Received: (qmail 78243 invoked from network); 24 Oct 2001 22:04:39 -0000 Received: from unknown (10.1.10.26) by l7.egroups.com with QMQP; 24 Oct 2001 22:04:38 -0000 Received: from unknown (HELO n20.groups.yahoo.com) (10.1.2.66) by mta1 with SMTP; 24 Oct 2001 22:04:38 -0000 X-eGroups-Return: yangyun@metacrawler.com Received: from [10.1.10.107] by n20.groups.yahoo.com with NNFMP; 24 Oct 2001 22:04:12 -0000 To: iwar@yahoogroups.com Message-ID: <9r7dth+d8dq@eGroups.com> User-Agent: eGroups-EW/0.82 X-Mailer: eGroups Message Poster X-Originating-IP: 24.112.32.13 From: yangyun@metacrawler.com X-Yahoo-Profile: televr Mailing-List: list iwar@yahoogroups.com; contact iwar-owner@yahoogroups.com Delivered-To: mailing list iwar@yahoogroups.com Precedence: bulk List-Unsubscribe: <mailto:iwar-unsubscribe@yahoogroups.com> Date: Wed, 24 Oct 2001 22:04:33 -0000 Reply-To: iwar@yahoogroups.com Subject: [iwar] Argentina debt default? Content-Type: text/plain; charset=US-ASCII Content-Transfer-Encoding: 7bit Matthew Freedman , dismal.com Argentina on the rocks. 10/24/2001 4:10:00 PM U.S. Treasury bond prices soared this afternoon on news that Argentine Economy Minister Domingo Cavallo met last night with New York Federal Reserve President William McDonough. Traders are speculating that the meeting signals that Argentina is on the verge of defaulting on its debt, an event that could wreak havoc on capital markets in the developing world and fuel more flight-to-quality flows into the U.S. Cavallo is reportedly in Washington D.C. now, and may meet with U.S. Treasury and IMF officials later today. The nature and subject of these talks remain unclear. Argentina is currently mired in its fourth year of recession, which has recently been exacerbated by rising international risk aversion and skyrocketing interest rates. President Fernando de la Rua and Cavallo have attempted to shore up international investor confidence by pushing a zero-deficit federal budget, but rapidly falling tax revenues are jeopardizing the nation's ability to service its debt, which amounts to some $130 billion. Argentina succeeded earlier this year in swapping some short-term external debt for longer-term bonds, but another swap now may be impracticable given the higher risk premium the government would be forced to pay. Another IMF loan may very well be in the offing. ------------------------ Yahoo! Groups Sponsor ---------------------~--> Pinpoint the right security solution for your company- Learn how to add 128- bit encryption and to authenticate your web site with VeriSign's FREE guide! http://us.click.yahoo.com/yQix2C/33_CAA/yigFAA/kgFolB/TM ---------------------------------------------------------------------~-> ------------------ http://all.net/ Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
This archive was generated by hypermail 2.1.2 : 2001-12-31 20:59:57 PST