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01/04/2002 02:38 PM ID: 15314 Permalink   

Argentina Defaults On $274 Billion Debt

 

The Argentine government has formally announced that it will not be paying back any of its $274 billion in public debt, which is the biggest default ever by a country.

There have been criticisms that the free market policies the IMF forced Argentina to follow lead to its financial collapse and there are now fears that other countries in the region will stop reforming their economies.

There has also been criticism that the IMF continued to give Argentina up to $11 billion in loans in the last two years, even though it was clear they would never be paid back.

 
  Source: www.smh.com.au  
    WebReporter: cameron Show Calling Card      
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