MercoPress. South Atlantic News Agency

“Wise men for Argentina”

Central Bank presidents from Brazil and Chile plus experts with experience in financial crisis from Mexico, Spain, Indonesia and United States will be working with the Duhalde administration to help draft a plan to overcome the current situation. Argentina's Finance Ministry sources confirmed that in line with the "sustainable" request from multilateral organizations, the group of "wise men" together with Argentine officials will elaborate an economic program which is expected to open the doors to obtain financial assistance from the International Monetary Fund, IMF. Although officials were reluctant to mention figures, the funds requested could reach 20 billion US dollars. The special committee will include Brazil's Central Bank president and former Soros group analyst Arminio Fraga, who managed the Brazilian devaluation of January 1999; Chilean Central Bank CEO, Carlos Massad; Miguel Mansera Aguayo president of the Mexican Central Bank when the financial crisis of 1994 that led to the collapse of the Mexican peso, plus an Indonesian expert and a delegate from the United States Treasury Department. The team will be working with the new Argentine Central Bank president Mario Blejer, a man with a good rapport with the IMF and trusted by international bankers. Last December Argentina defaulted on its 141 billion US dollars foreign debt and in January devalued the currency ending a decade of the peso pegged to the US dollar. The official rate is now 1,40 peso for the US dollar and in the "free" market 1,80 to 1,95 pesos for the dollar