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ARGENTINA
No improvement in sight
5/2/2002
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Finance Minister Jorge Remes Lenicov resigned from his post on April 23, complicating the political future of President Eduardo Duhalde.

Remes said he lacked congressional support for his economic plans to drag the country out of the worst financial and banking crisis in its history.

Remes came under fire from Congress for his efforts to reach a new agreement with the International Monetary Fund. In addition to a drastic reduction in spending, the agreement calls for an elimination of bonds that had been adopted to replace currency, reduction of public sector employees and elimination of laws against economic crimes.

Financial experts say Argentina is on the verge of a full collapse, because of the accelerated run on banking deposits in recent weeks. The Argentine peso has devalued 230 percent against the US dollar since January.

Remes was replaced by economist Roberto Lavagna, Argentina’s ambassador to the European Union and World Trade Organization.


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