Argentina threatens loan default

ARGENTINA - Argentina has raised the pressure on international lenders to agree a new cash lifeline, threatening default if extra money is not forthcoming.

BBC News reported the Economy Minister Roberto Lavagna as saying the government would rather miss debt repayments than cut deeper into spending on social welfare programmes, and financing for regional governments.

The absence of extra cash would leave Argentina hard pressed to divert some of its $9.5bn reserves to meet loan obligations due

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