Argentina to Unveil New Economic Rescue Strategy Sunday
VOA News
3 Feb 2002 05:47 UTC
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The Argentine government says it will unveil a revised economic stimulus plan today (Sunday), aimed at rescuing the South American nation from the brink of financial collapse.

Officials say Economy Minister Jorge Remes Lenicov will outline details of the government's crisis strategy late in the day (2200 UTC).

The plan is expected to contain deep spending cuts to make Argentina eligible for badly-needed loans from organizations such as the International Monetary Fund.

On Saturday, President Eduardo Duhalde postponed announcing his economic rescue package after a surprise Supreme Court ruling late Friday declared government-imposed limits on bank withdrawals unconstitutional.

Mr. Duhalde criticized the Supreme Court, accusing it of politically-motivated bias and calling its ruling blackmail. He suggested the decision rejecting the banking restrictions was related to a recently-launched probe by lawmakers into alleged corruption among high court justices. Many Argentines view the Supreme Court as corrupt.

President Duhalde has indicated he intends to keep the bank restrictions, which Argentina's high court initially approved when they were imposed by a previous administration in early December. He also ordered a bank holiday for Monday and Tuesday.

The unpopular restrictions limit most depositors to withdrawals of no more than 1,500 pesos per month. The country's ongoing economic turmoil sparked violent street protests and the resignation of four presidents in several weeks.

Some information for this report provided by AFP and Reuters.

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