Fix Is In for Argentina. (Correction Please!).(Brief Article)

ITEM: "Fears of a huge debt default were revived in Argentina after the International Monetary Fund blocked the release of a $1.3 billion (920 million pound) loan instalment [British spelling] that would have helped to stave off a financial meltdown," reported the London Times for December 7th. The action "is a blow to the Argentine Government and Domingo Cavallo, the Economy Minister, who has in recent months tried to juggle economic measures and debt negotiations, imposing harsh measures to avoid a collapse by Latin America's third largest economy."

CORRECTION: It will be surprising if the IMF doesn't try yet again to "fix" Argentina's economic woes. As we write, there is a growing possibility of another bailout. Not surprisingly, bailouts did not work when the IMF tossed $40 billion at Argentina in December 2000 and $8 billion in August 2001.