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Is Cavallo Cornered?(Domingo Cavallo)(Brief Article)
Argentina made a crucial debt payment last week, avoiding (for now) a plunge into the abyss. But Economy Minister Domingo Cavallo's days may be numbered. He's managed to alienate everyone and his banker. A catalog:
The public: At his daughter's wedding in July, demonstrators changed "Hijo de puta" (loosely translated as "s.o.b.") and pelted the newlyweds' car with eggs.
The IMF: Cavallo told all and sundry that the IMF would come up with a $1.3 billion bailout--without confirming first with Washington. He didn't get the bailout, and last week the IMF was fuming again, this time for not being informed in advance of Argentina's plans to freeze bank deposits.
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Source: HighBeam Research, Is Cavallo Cornered?(Domingo Cavallo)(Brief Article)