Date of Original Version

3-5-2002

Type

Response or Comment

Abstract or Description

Argentina is now suffering from a deep and prolonged social and economic crisis. Its roots are political as well as economic. The political system seems unable to develop a coherent, consistent plan to solve or improve either Argentina's current position or its longer-term structural problems.

The need for a plan or program to restore growth in output and employment without renewing inflation cannot have escaped the leadership. They have received this message from President Bush, Secretary O'Neill, the IMF and others, including me. Without a plan that begins to resolve the current liquidity, financial, economic and human problems, there cannot be a resolution of the crisis. Additional financial assistance from the international financial institutions, led by the IMF, cannot solve Argentina's problems unless Argentina adopts a coherent, consistent plan.

Comments

Testimony before the Committee on Financial Structure, Subcommittee on International Monetary Policy and Trade U.S. House of Representatives

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