Standard & Poor's, a rating agency, downgraded Argentina's long-term sovereign debt to CC from CCC+, with a negative outlook, reflecting the country's increased default risk.(Brief Article)
Economist (US), The, November, 2001
Standard & Poor's, a rating agency, downgraded Argentina's long-term sovereign debt to CC from CCC , with a negative outlook, reflecting the country's increased default risk. Argentina's stockmarket plunged by 8.9% over the week. Interest-rate spreads over American Treasury bonds widened to more than 20 percentage points, a level last seen during the "tequila crisis" in 1995.
Mexico's central bank warned that the country's GDP would fall by more than 1% in the third quarter.
Current-account surpluses have been shrinking in East Asia's export-driven economies. In the year to September, South Korea's narrowed to $11.1 billion and Thailand's to $6.4 billion, while the Philippines' fell to $6.0 billion in the year to July.
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