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Argentinean economy unlikely to affect other emerging mkts: IMF
IMF First Deputy Managing Director Anne Krueger said on Thursday there was so far little sign of Argentina`s economic crisis weighing down other emerging markets.
IMF First Deputy Managing Director Anne Krueger said on Thursday there was so far little sign of Argentina's economic crisis weighing down other emerging markets.
"Not that we know of and very amazingly low so far," she told reporters when asked about potential contagion during an official visit to the Indian capital, New Delhi.
Argentina's continued efforts to draw back from the abyss of default on $132 billion in outstanding loans has seen it adopt austerity measures, in turn prompting riots and the resignation on Thursday of Economy Minister Domingo Cavallo and the rest of the cabinet.
The problems have made Argentina the focus of scrutiny in other emerging markets, in case its problems affect investor confidence worldwide..
But the International Monetary Fund said on Tuesday Argentina's potential to bring other emerging markets crashing down appeared to be waning.
In its latest World Economic Outlook, the Fund said the contagion risk was reduced because investor concerns had been building for some time, allowing them to take underweight positions, and emerging markets investors were now more discriminating.
Earlier this month, the IMF said it could not finish its review of Argentina's economic proram, putting $1.3 billion in IMF aid effectively on hold and ratcheting up default fears. Bureau Report
Argentina's continued efforts to draw back from the abyss of default on $132 billion in outstanding loans has seen it adopt austerity measures, in turn prompting riots and the resignation on Thursday of Economy Minister Domingo Cavallo and the rest of the cabinet.
The problems have made Argentina the focus of scrutiny in other emerging markets, in case its problems affect investor confidence worldwide..
But the International Monetary Fund said on Tuesday Argentina's potential to bring other emerging markets crashing down appeared to be waning.
In its latest World Economic Outlook, the Fund said the contagion risk was reduced because investor concerns had been building for some time, allowing them to take underweight positions, and emerging markets investors were now more discriminating.
Earlier this month, the IMF said it could not finish its review of Argentina's economic proram, putting $1.3 billion in IMF aid effectively on hold and ratcheting up default fears. Bureau Report