Argentina Makes Crucial Payment on Debt
Argentina fended off fears of a catastrophic debt default by meeting a major debt deadline with a $700 million payment--but was also hit by the resignation of its respected deputy economy minister .
Finance Secretary Daniel Marx cited personal reasons for his resignation, the third from Economy Minister Domingo Cavallo’s team in two months. But officials said he disagreed with draconian caps on bank cash withdrawals to stop a panicky run on banks.
The latest news came a day after tens of thousands of workers joined a general strike to protest Cavallo’s latest moves to partially freeze bank accounts.
Marx said he will to continue to advise on the restructuring of Argentina’s $132-billion debt.
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