Latinnews Daily - 8 March 2004

Argentina is on the brink of entering into default with the IMF. If the Fund does not approve its second review of Argentina's current loan programme by tomorrow (9 March) the government will be obliged to pay out US$3.15bn, but Argentina's President Néstor Kirchner has already made it clear this payment (equivalent to 20% of Argentina's reserves) will not be met without a guarantee from the Fund that the money will be reimbursed.