Argentina: Crisis of Confidence

As the military prepares to bow out, bankruptcy menaces a dispirited nation

Just before he left the annual meeting of the International Monetary Fund in Washington last week, Argentine Central Bank President Julio González del Solar declared that his efforts to refinance his country's $40 billion foreign debt had gone remarkably smoothly. "There is no nervousness," he said. "Basically there is confidence."

González del Solar spoke too soon. Three days later, as the Harvard-trained official stepped off the Pan Am flight that had brought him back to Buenos Aires, three security men...

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