Weekly Report - 11 November 2003

ARGENTINA | IMF rebuts creditors. John Dodsworth, head of the IMF mission reviewing the performance targets Argentina has agreed with the IMF, has come out against the creditors' demand for a public savings target of 4.5% of GDP, rather than the 3% agreed with the IMF - on the grounds that the economy looks likely to grow this year by 6.5% instead of the initially projected 3.5%. This, of course, is part of their rationale for rejecting Argentina's offer of a 75% cut on the defaulted portion of its external debt.