Argentina flirts with default on $3bn loan

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In early March, Argentina narrowly avoided another default as President Nestor Kirchner issued an order to repay a $3.15 billion loan from the International Monetary Fund hours before the loan was set to mature. The agreement, which was reached after several days of negotiations between Argentina and the IMF, dismissed investors’ fear of yet another default and rallied a steeply declining Merval stock index by nearly 6%. Yet the immediate effects of the repayment were seemingly

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