A day after Argentina suspended all banking activity, G-7 finance ministers meeting in Washington have expressed grave concern for the South American nation. 

The world's top finance officials released a plan to improve international bankruptcy procedures, such as Argentina' massive debt default. 

The Argentine crisis is likely to dominate Saturday's Washington meeting of the International Monetary Fund. Argentina is seeking a rescue package of several billions of dollars in IMF loans to lift the country out of deep recession and avert another outbreak of social unrest. But the IMF has been calling for a comprehensive deal, including far-ranging reform of public finances in return for a resumption of loan payments. 

Before the talks got underway Saturday, Spanish Finance Minister Rodrigo Rato said he believed the IMF and Argentina were close to agreement, but cautioned complicated issues still must be resolved. 

On Friday, Argentina's Central Bank declared a complete and indefinite suspension of all deposit and foreign exchange operations in an effort to prevent massive flight of capital from the country. The Central Bank said it needs time to boost the nation's crumbling financial system. 

Some information for this report provided by AP, AFP and Reuters. 

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