The economic and political turmoil in Argentina deepened on Thursday, sending renewed fears through emerging markets around the world.
Published:
12 July 2001 y., Thursday
Argentina shares slid by more than 13% shortly after the start of trading on Thursday, as the nation's financial crisis escalates.
The Merval Index of leading shares fell to its lowest level since March 1995 after the government's latest package of economic measures was not well received by the markets.
And the gloomy mood was compounded when the credit agency Standard and Poor's cut the country's credit rating to 'B' minus.
Argentina Economy Minister Domingo Cavallo on Wednesday announced spending cuts and anti-corruption measures to reduce the budget deficit.
But fears are still growing that three years of economic stagnation could leave the country without the funds to pay its $128bn debt.
The debt mountain is equal to almost half of the country's gross domestic product.
Šaltinis:
BBC News
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