Talking Tough to the IMF

Argentina tries to dictate the terms for its loans

Cold winter weather settled over Argentina last week, but for President Raúl Alfonsín the heat was on. A team of negotiators from the International Monetary Fund was pressing Alfonsín to curb Argentine wages and government spending as part of an austerity program that would qualify the country for a new $2.1 billion package of loans. At the same time, Argentine labor unions were demanding hefty wage hikes, and about one-fifth of the country's work force was either on strike or threatening to walk off the...

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