ARGENTINA: PROTESTS AS DIRECTOR OF THE INTERNATIONAL MONETARY FUND HOEST KOEHLER VISITS TO TRY AND RESTORE ARGENTINIAN ECONOMY

Record ID: 645984

  • Title: ARGENTINA: PROTESTS AS DIRECTOR OF THE INTERNATIONAL MONETARY FUND HOEST KOEHLER VISITS TO TRY AND RESTORE ARGENTINIAN ECONOMY
  • Date: 23rd June 2003
  • Summary: (U7)BUENOS AIRES, ARGENTINA (JUNE 23, 2003) (REUTERS) VARIOUS OF SECURITY AT AIRPORT (2 SHOTS) SLV AIRPLANE SLV ARMED MAN STANDING ON CONTROL TOWER VARIOUS OF IMF DIRECTOR HORST KOEHLER WALKING INTO ARRIVALS TERMINAL SLV ARMED MEN SLV KOEHLER WALKING INTO ANOTHER AIRPORT BUILDING WIDE OF SECURITY OFFICERS SMV KOEHLER AND HIS WIFE GETTING INTO CAR SLV SECURITY GETTING INTO VAN SMV ANOOP SINGH WAVING AT CAMERA AND GETTING INTO CAR VARIOUS OF THE COMMISSION LEAVING THE AIRPORT WITH SECURITY (2 SHOTS) SLV (SOUNDBITE SPANISH) OF RUBEN MANUSOVICH OF FEDERATION OF CHAMBER OF COMMERCE PROTESTING ABOUT PRESENCE OF THE IMF SAYING " "We come to protest, because the IMF is interfering in the internal affairs of Argentina." CLOSE OF YOUTH WITH SIGN THAT READS "HORST KOEHLER GO HOME.-SIGNS MOTHERS FOR LIVING" CLOSE OF WOMAN WITH SIGN VARIOUS LEFTISTS MARCHING THE STREET WIT SCARVES WRAPPED AROUND THEIR FACES WIDE OF PROTESTORS MARCHING AND CHANTING SLOGANS WIDE OF PEOPLE MARCHING WITH BANNER READING "KOHLER GO HOME" PAN DOWN OF PROTEST OUTSIDE MINISTRY OF ECONOMY SCU (SOUNDBITE) (Spanish) FERNANDO ESTECHE, FROM THE QUEBRACHO GROUP, SAYING: "We are protesting for the majority of the people in Argentina by opposing the presence of the IMF and to make clear to this government that, if they make a pact with the IMF, they will have the people of Argentina to contend with." VARIOUS OF PEOPLE BURNING U.S . FLAGS SMV MASKED PROTESTORS VARIOUS OF U.S FLAG BURNING AND PROTESTORS CHANTING Initials Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 8th July 2003 13:00
  • Keywords:
  • Location: BUENOS AIRES, ARGENTINA
  • Country: Argentina
  • Topics: International Relations,Finance
  • Reuters ID: LVAETRL75D3GI0D7YEK8UIQV1YPH
  • Story Text: The Managing Director of the International Monetary Fund, Horst Koehler, is visiting Argentina in a renewed attempt to pull the economy out of its debt crisis.
    After years of strained relations between Argentina and the International Monetary Fund, Managing Director Horst Koehler began a two-day visit to Argentina on Monday (June 23) , a month after President Nestor Kirchner took office.
    Koehler discussed the country's finances at a mid-day meeting on Monday with Economy Minister Robert Lavagna. He later had a meeting with Kirchner, along with Argentine businessmen, union leaders and a leader of groups representing the unemployed.
    Outside of the Ministry of the Economy stood crowds of protesters from the Federation of the Chamber of Commerce, some of whom were burning flags.
    "We are protesting for the majority of the people in Argentina by opposing the presence of the IMF," said Fernando Esteche from the Quebracho Group," and to make clear to this government that if they make a pact with the IMF they will have the people of Argentina to contend with."
    Considered a star pupil of free-market policies in the 1990s, Argentina fell from grace with the IMF and United States after mismanagement led to economic collapse 18 months ago and a default on $95 billion in debt, the largest in history.
    The IMF came under heavy fire for its role in the crisis and its failure to bail out Argentina in its time of need.
    But, six months ago, the two sides managed to strike a $6.8-billion debt rollover deal that expires in August.
    Latin America's No. 3 economy is one of the largest debtors to multilateral lenders. Argentina owes $14 billion to the IMF and $31 billion to multilaterals as a whole.
    Now, with a newly elected president who is proving to be popular and a nascent economic recovery, Argentina and the IMF have a chance to begin again.
    Several IMF and U.S. Treasury officials have said they prefer Argentina and the IMF to forge a long-term deal, rather than extend the current stopgap accord.
    Koehler told reporters he is "optimistic" about Argentina, and urged the government to tackle staggering poverty and joblessness before anything else.
    But Koehler is keen to show that the IMF is not just concerned about business and banking in a country where half of the population now lives in poverty. In addition to his government visits, he is scheduled to meet with charity and social organizations.
    The IMF set the stage for a positive visit after approving on Friday (June 20) the second review of the current loan programme, delayed after the government extended again an "emergency" measure to protect homeowners from mortgage foreclosures -- in violation of the accord.
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