A gathering twilight
Argentina’s intensifying problems are causing difficulties for its neighbours, spreading pessimism across the region
“HOW much spending can you cut without sacking anyone? Answers on my desk in 48 hours.” This was the challenge that Argentina's President Fernando de la Rua set his ministers on July 10th. Had it come four months ago, his show of determination to get the government's finances under control might have reassured investors. Now it looks too late: later that day, they demanded interest rates of 14% in an auction of three-month treasury bills, up from 9% last month, and showed no appetite for longer-dated bonds.
This article appeared in the The Americas section of the print edition under the headline “A gathering twilight”
From the July 14th 2001 edition
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