Figures show Argentina's economy shrinking

ARGENTINA - Argentina's economy shrank 16% during the first three months of this year the government has revealed, plunging the country ever deeper into a recession that has now lasted for three-and-a-half years.

According to government figures this is the highest drop since statistics began. There was a 6% fall in economic activity in this quarter, compared with the last three months of 2001.

On the financial markets, the government got into yet more trouble, failing to make interest payments

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