Jubilee Research challenges O'Neill's "No one cares more about Argentina than Bush" statement.

At a press conference at the Monterrey Conference, Paul O'Neil, US Treasury Secretary spoke about the situation in Argentina. He said that in November, 2000 under President Clinton, it was decided that the Argentine situation was critical, and a programme was supported for Argentina through the International Monetary Fund that would provide $43 billion in public and private funds. Then in April, 2001, Argentina was out of money again. 

So, he continued, the IMF was presented with a proposition stating that Argentina needed another $20 plus billion. As much as the United States Government was concerned about the sustainability of yet another big allocation of money for Argentina, it agreed to go along. By August, that was all gone, as well. So, it agreed to another programme that was never fully drawn. 

"How much was enough and could anyone look at the social disorder on the television and find anything but sorrow over what is taking place in Argentina?" he asked journalists. The question that had been asked of him suggested that it was an act of wilfulness to, in effect, say "too bad" to people. In fact, no one care more about Argentina returning to a sustainable economic condition than President Bush and others in his administration. 

Tomorrow, O' Neill announced, he would have having a meeting with Argentina's Finance Minister. 

Ann Pettifor, spokesperson for Jubilee Research at the New Economics Foundation, and elected by NGOs to represent them at a Round Table with Heads of State in Monterrey said: 

"I have come straight from Buenos Aires to Monterrey, and can tell you that the people of Argentina need the President of the United States to admit grievous culpability; not meaningless compassion. The US, by endorsing the $63 billion of loans to Argentina effectively financed escape mechanisms for Argentina's elites. Argentina's fat cats have taken the $63 billion and exported it as "capital flight" - to safe havens - in the United States, amongst other places. The poor of Argentina have been left with this growing mountain of debt - and will be repaying this "debt" which has financed the rich, at usurious interest rates" 

"Argentina does not need tears and sorrow; she needs concrete US and IMF help to impose capital controls and stop the instantaneous outflow of hard currency from the Central Bank - the unpatriotic and selfish capital flight of Argentina's elites".