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News > International
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O'Neill bearish on more aid
graphic 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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  • Argentine index rallies - Oct. 30, 2001
  • LatAm markets sink - Oct. 29, 2001
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  • News: International
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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.

    Click here for more news on world markets.

    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.

    Check here for financial stocks.

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      RELATED STORIES

    Argentine index rallies - Oct. 30, 2001

    LatAm markets sink - Oct. 29, 2001

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    Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

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