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O'Neill bearish on more aid
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October 31, 2001: 10:54 a.m. ET
Treasury secretary suggests U.S. won't support more IMF loans for Argentina.
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NEW YORK (CNNmoney) - Treasury Secretary Paul O'Neill suggested Tuesday he wouldn't back additional funding from the International Monetary Fund to help Argentina out of its debt woes, according to a report published Wednesday.
The idea that Argentina may default on part of its $132 billion debt has rocked markets across Latin America, the United States and Tokyo in recent days. Argentina's main market index, MerVal, was up 4.3 percent on Wednesday as investors awaited more news.
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Argentine Economy Minister Domingo Cavallo had been hoping that, in the wake of his country's probable debt default, the United States and other countries would push the IMF to make new emergency loans. On Tuesday, O'Neill suggested that the situation right now doesn't justify such an effort, according to The Wall Street Journal.
In August, the United States supported an $8 billion IMF aid package for Argentina.
O'Neill disagreed that Argentina's problems would impair other Latin American markets, the report said.
"I guess I'm not seeing the same data you are," he told the Journal.
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