Time to Talk, Seriously
The G-7 finance ministers have told Argentina to negotiate with creditors or risk losing further IMF support.
"There have been many twists and turns in the road since
Argentina defaulted in December 2001. A decisive turning point
came during the G-7 finance ministers meeting in Boca Raton,
Florida last month. Irritation with Argentina had turned to
anger. The ministers told Economy Minister Roberto Lavagna to
begin negotiating properly with bondholders - whom the
government had largely ignored for the last two years -or risk
being cut off from further International Monetary Fund
They told Lavagna to meet with Horst Köhler, the Fund's
managing director, immediately and show how the government
would make a good faith effort to negotiate with bondholders.
Nothing less could force the Fund's board to withhold approval
for a $3.1 billion loan disbursement, needed to roll over a
maturing IMF loan. President Néstor...
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