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"With Argentina's foreign currency reserves dwindling and its ability to borrow abroad blocked by past defaults, its government is facing a desperate cash squeeze and is asking the World Bank to let it put off repaying $800 million in loans that come due this week, President Eduardo Duhalde said today."
"The country's economic crisis, already the most severe in its history, is taking one turn after another for the worse, and Argentines are becoming more and more nervous. Labor unions aligned with the Peronist party of Mr. Duhalde have called a nationwide strike on Tuesday, and rumors over the weekend that several banks were about to collapse led to a run on automated teller machines."
"With international markets and banks watching Argentina closely for any sign of further deterioration in the government's already weak finances, an outright default on the World Bank loan due this week would be disastrous, and would cut the country off from its last source of credit."
"'Not repaying is suicide,' the president's spokesman, Eduardo Amadeo, acknowledged over the weekend."
9:47:18 AM Google It! 
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