IMF blocks loan to Argentina

ARGENTINA - The International Monetary Fund has disappointed Argentina by effectively blocking a $1.3bn loan payment.

The IMF said it could not hand over the loan because it had been unable to complete a necessary review.

The move is a major blow for the country's beleaguered Economy Minister, Domingo Cavallo. It also revives fears that Argentina could default on its massive debt of $132bn.

The news came after the IMF's 24-member executive board met informally to hear a report from the head of