

Currently released so far... 12553 / 251,287
Browse latest releases
2010/12/01
2010/12/02
2010/12/03
2010/12/04
2010/12/05
2010/12/06
2010/12/07
2010/12/08
2010/12/09
2010/12/10
2010/12/11
2010/12/12
2010/12/13
2010/12/14
2010/12/15
2010/12/16
2010/12/17
2010/12/18
2010/12/19
2010/12/20
2010/12/21
2010/12/22
2010/12/23
2010/12/24
2010/12/25
2010/12/26
2010/12/27
2010/12/28
2010/12/29
2010/12/30
2011/01/01
2011/01/02
2011/01/04
2011/01/05
2011/01/07
2011/01/09
2011/01/10
2011/01/11
2011/01/12
2011/01/13
2011/01/14
2011/01/15
2011/01/16
2011/01/17
2011/01/18
2011/01/19
2011/01/20
2011/01/21
2011/01/22
2011/01/23
2011/01/24
2011/01/25
2011/01/26
2011/01/27
2011/01/28
2011/01/29
2011/01/30
2011/01/31
2011/02/01
2011/02/02
2011/02/03
2011/02/04
2011/02/05
2011/02/06
2011/02/07
2011/02/08
2011/02/09
2011/02/10
2011/02/11
2011/02/12
2011/02/13
2011/02/14
2011/02/15
2011/02/16
2011/02/17
2011/02/18
2011/02/19
2011/02/20
2011/02/21
2011/02/22
2011/02/23
2011/02/24
2011/02/25
2011/02/26
2011/02/27
2011/02/28
2011/03/01
2011/03/02
2011/03/03
2011/03/04
2011/03/05
2011/03/06
2011/03/07
2011/03/08
2011/03/09
2011/03/10
2011/03/11
2011/03/13
2011/03/14
2011/03/15
2011/03/16
2011/03/17
2011/03/18
2011/03/19
2011/03/20
2011/03/21
2011/03/22
2011/03/23
2011/03/24
2011/03/25
2011/03/26
2011/03/27
2011/03/28
2011/03/29
2011/03/30
2011/03/31
2011/04/01
2011/04/02
2011/04/03
2011/04/04
2011/04/05
2011/04/06
2011/04/07
2011/04/08
2011/04/09
2011/04/10
2011/04/11
2011/04/12
2011/04/13
2011/04/14
2011/04/15
2011/04/16
2011/04/17
2011/04/18
2011/04/19
2011/04/20
2011/04/21
2011/04/22
2011/04/23
2011/04/24
2011/04/25
2011/04/26
2011/04/27
2011/04/28
2011/04/29
2011/04/30
2011/05/01
2011/05/02
2011/05/03
2011/05/04
2011/05/05
2011/05/06
2011/05/07
2011/05/08
2011/05/09
2011/05/10
2011/05/11
2011/05/12
Browse by creation date
Browse by origin
Embassy Athens
Embassy Asuncion
Embassy Astana
Embassy Asmara
Embassy Ashgabat
Embassy Apia
Embassy Ankara
Embassy Amman
Embassy Algiers
Embassy Addis Ababa
Embassy Accra
Embassy Abuja
Embassy Abu Dhabi
Embassy Abidjan
Consulate Auckland
Consulate Amsterdam
Consulate Adana
American Institute Taiwan, Taipei
Embassy Bujumbura
Embassy Buenos Aires
Embassy Budapest
Embassy Bucharest
Embassy Brussels
Embassy Bridgetown
Embassy Bratislava
Embassy Brasilia
Embassy Bogota
Embassy Bishkek
Embassy Bern
Embassy Berlin
Embassy Belmopan
Embassy Belgrade
Embassy Beirut
Embassy Beijing
Embassy Banjul
Embassy Bangkok
Embassy Bandar Seri Begawan
Embassy Bamako
Embassy Baku
Embassy Baghdad
Consulate Barcelona
Embassy Copenhagen
Embassy Conakry
Embassy Colombo
Embassy Chisinau
Embassy Caracas
Embassy Canberra
Embassy Cairo
Consulate Curacao
Consulate Ciudad Juarez
Consulate Chennai
Consulate Casablanca
Consulate Cape Town
Consulate Calgary
Embassy Dushanbe
Embassy Dublin
Embassy Doha
Embassy Djibouti
Embassy Dili
Embassy Dhaka
Embassy Dar Es Salaam
Embassy Damascus
Embassy Dakar
Consulate Dubai
Embassy Helsinki
Embassy Harare
Embassy Hanoi
Consulate Ho Chi Minh City
Consulate Hermosillo
Consulate Hamilton
Consulate Hamburg
Consulate Halifax
Embassy Kyiv
Embassy Kuwait
Embassy Kuala Lumpur
Embassy Kinshasa
Embassy Kingston
Embassy Kigali
Embassy Khartoum
Embassy Kathmandu
Embassy Kampala
Embassy Kabul
Consulate Kolkata
Embassy Luxembourg
Embassy Luanda
Embassy London
Embassy Ljubljana
Embassy Lisbon
Embassy Lima
Embassy Lilongwe
Embassy La Paz
Consulate Lahore
Consulate Lagos
Mission USOSCE
Mission USNATO
Mission UNESCO
Embassy Muscat
Embassy Moscow
Embassy Montevideo
Embassy Monrovia
Embassy Minsk
Embassy Mexico
Embassy Mbabane
Embassy Maputo
Embassy Manila
Embassy Manama
Embassy Managua
Embassy Malabo
Embassy Madrid
Consulate Munich
Consulate Mumbai
Consulate Montreal
Consulate Monterrey
Consulate Milan
Consulate Melbourne
Embassy Nicosia
Embassy Niamey
Embassy New Delhi
Embassy Ndjamena
Embassy Nassau
Embassy Nairobi
Consulate Naples
Consulate Naha
Embassy Pristina
Embassy Pretoria
Embassy Prague
Embassy Port Of Spain
Embassy Port Louis
Embassy Port Au Prince
Embassy Phnom Penh
Embassy Paris
Embassy Paramaribo
Embassy Panama
Consulate Peshawar
REO Basrah
Embassy Rome
Embassy Riyadh
Embassy Riga
Embassy Reykjavik
Embassy Rangoon
Embassy Rabat
Consulate Rio De Janeiro
Consulate Recife
Secretary of State
Embassy Suva
Embassy Stockholm
Embassy Sofia
Embassy Skopje
Embassy Singapore
Embassy Seoul
Embassy Sarajevo
Embassy Santo Domingo
Embassy Santiago
Embassy Sanaa
Embassy San Salvador
Embassy San Jose
Consulate Strasbourg
Consulate St Petersburg
Consulate Shenyang
Consulate Shanghai
Consulate Sapporo
Consulate Sao Paulo
Embassy Tunis
Embassy Tripoli
Embassy Tokyo
Embassy The Hague
Embassy Tel Aviv
Embassy Tehran
Embassy Tegucigalpa
Embassy Tbilisi
Embassy Tashkent
Embassy Tallinn
Consulate Toronto
Consulate Tijuana
USUN New York
USEU Brussels
US Office Almaty
US Mission Geneva
US Interests Section Havana
US Delegation, Secretary
UNVIE
Embassy Ulaanbaatar
Embassy Vilnius
Embassy Vienna
Embassy Vatican
Embassy Valletta
Consulate Vladivostok
Consulate Vancouver
Browse by tag
APECO
ASEC
AMGT
AFIN
APER
ACABQ
AORC
AEMR
AF
AE
AR
AGMT
AU
AY
ABLD
AS
AG
AJ
APCS
AX
AM
AMEX
ATRN
ADM
AMED
AFGHANISTAN
AZ
AL
ASUP
AND
ARM
ASEAN
AFFAIRS
AQ
ATFN
AMBASSADOR
AODE
APEC
ACBAQ
AFSI
AFSN
AO
ABUD
AC
ADPM
ADCO
ASIG
ARF
AUC
ASEX
AGAO
AA
AER
AVERY
AGRICULTURE
AIT
AADP
ASCH
AORL
AROC
ACOA
ANET
AID
AMCHAMS
AINF
AMG
AFU
AN
ALOW
ASECKFRDCVISKIRFPHUMSMIGEG
ACS
ADANA
AECL
ACAO
AORG
AGR
BEXP
BR
BM
BG
BL
BA
BTIO
BO
BP
BC
BILAT
BK
BU
BD
BRUSSELS
BB
BF
BBSR
BIDEN
BX
BE
BH
BT
BY
BMGT
BWC
BTIU
BN
CA
CASC
CFED
CO
CH
CS
CU
CE
CI
CM
CMGT
CJAN
COM
CG
CIS
CVIS
CR
CKGR
CHR
CVR
COUNTER
CIA
CLINTON
CY
CPAS
CD
CBW
COUNTERTERRORISM
CITEL
CDG
CW
CODEL
COUNTRY
CLEARANCE
COE
CN
CARICOM
CB
CONDOLEEZZA
CWC
CACS
CSW
CIDA
CIC
CITT
CONS
CL
CACM
CDB
CDC
CAN
CF
CJUS
CTM
CBSA
CARSON
CT
CLMT
CBC
CEUDA
CV
COPUOS
CTR
CROS
CAPC
CAC
CNARC
CICTE
CBE
ECON
ETRD
EIND
ENRG
EC
ELAB
EAGR
EAID
EFIS
EFIN
EINV
EUN
EG
EPET
EAIR
EU
ELTN
EWWT
ECIN
ERD
EI
ETTC
EUR
EN
EZ
ETC
ENVI
EMIN
ET
ENVR
ER
ECPS
EINT
EAP
ES
ENIV
ECONOMY
EXTERNAL
EINN
EFTA
ECONOMIC
EPA
EXBS
ECA
ELN
ETRDEINVECINPGOVCS
ENGR
ECUN
ENGY
ECONOMICS
ELECTIONS
EIAR
EINDETRD
EREL
EUC
ECONEFIN
EURN
EDU
ETRDEINVTINTCS
ECIP
ENERG
EFIM
EAIDS
EK
ETRDECONWTOCS
EINVETC
ECONCS
EUNCH
ESA
ECINECONCS
EUREM
ESENV
EFINECONCS
ETRC
ENNP
EAIG
EXIM
EEPET
EINVECONSENVCSJA
EUMEM
ETRA
ERNG
ETRO
ETRN
EINVEFIN
ICTY
IN
IS
IR
IC
IZ
IA
INTERPOL
IAEA
IT
IMO
IO
IV
ID
IRAQI
IEA
INRB
IL
IWC
ITU
ICAO
ISRAELI
ICRC
IIP
IMF
IBRD
ISLAMISTS
ITALY
ITALIAN
ILO
IPR
IQ
IRS
IAHRC
IZPREL
IRAJ
IDP
ILC
ITF
ICJ
IF
ITPHUM
INMARSAT
ISRAEL
IACI
IBET
ITRA
INR
IRC
IDA
ICTR
IGAD
INRA
INRO
IEFIN
INTELSAT
INTERNAL
INDO
ITPGOV
KWMN
KSCA
KDEM
KTFN
KIPR
KCRM
KPAL
KE
KPAO
KPKO
KS
KN
KISL
KFRD
KJUS
KIRF
KFLO
KG
KTIP
KTER
KRCM
KTIA
KGHG
KIRC
KU
KPRP
KMCA
KMPI
KSEO
KNNP
KZ
KNEI
KCOR
KOMC
KCFC
KSTC
KMDR
KFLU
KSAF
KSEP
KSAC
KR
KGIC
KSUM
KWBG
KCIP
KDRG
KOLY
KAWC
KCHG
KHDP
KRVC
KBIO
KAWK
KGCC
KHLS
KBCT
KPLS
KREL
KCFE
KMFO
KV
KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG
KFTFN
KVPR
KTDB
KSPR
KIDE
KVRP
KTEX
KBTR
KTRD
KICC
KCOM
KO
KLIG
KDEMAF
KMRS
KRAD
KOCI
KSTH
KUNR
KNSD
KGIT
KFSC
KHIV
KPAI
KICA
KACT
KHUM
KREC
KSEC
KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG
KCMR
KPIN
KESS
KDEV
KNAR
KNUC
KPWR
KENV
KWWMN
KWMNCS
KPRV
KOM
KBTS
KCRS
KNPP
KWNM
KRFD
KVIR
KTBT
KAID
KRIM
KDDG
KRGY
KHSA
KWMM
KMOC
KSCI
KPAK
KX
KPAONZ
KCGC
KID
KPOA
KIFR
KFIN
KWAC
KOMS
KCRCM
KNUP
KMIG
KNNPMNUC
KERG
KTLA
KCSY
KJUST
MOPS
MARR
MASS
MNUC
MX
MCAP
MO
MR
MI
MD
MK
MA
MP
MY
MTCRE
MOPPS
MASC
MIL
MTS
MLS
MILI
MAR
MU
MEPN
MAPP
MTCR
MEPI
MZ
MEETINGS
MG
MW
MAS
MT
MCC
MIK
ML
MARAD
MV
MERCOSUR
MTRE
MPOS
MEPP
MILITARY
MDC
MQADHAFI
MUCN
MRCRE
MAPS
MEDIA
MASSMNUC
MC
NZ
NZUS
NL
NU
NATO
NP
NO
NIPP
NE
NH
NR
NA
NPT
NI
NSF
NG
NSG
NAFTA
NC
NDP
NEW
NRR
NATIONAL
NT
NS
NASA
NAR
NV
NORAD
NSSP
NK
NPA
NGO
NSC
NATOPREL
NW
NPG
NSFO
OPDC
OTRA
OIIP
OREP
OVIP
OSCE
OEXC
OIE
OPRC
OAS
OPIC
OTR
OMIG
OSAC
OFFICIALS
OECD
OSCI
OBSP
OFDA
OPCW
ODIP
OFDP
OES
OPAD
OCII
OHUM
OVP
ON
OIC
OCS
PHUM
PREL
PGOV
PINR
PTER
PARM
PREF
PM
PE
PINS
PK
PHSA
PBTS
PRGOV
PA
PORG
PP
PS
PGOF
PL
PO
PARMS
PKFK
PSOE
PEPR
PAK
POL
PPA
PINT
PMAR
PRELP
PREFA
PALESTINIAN
PBIO
PINF
PNG
PMIL
PFOR
PUNE
PGOVLO
PAO
POLITICS
PHUMBA
PSEPC
PTBS
PCUL
PROP
PNAT
PNR
POLINT
PGOVE
PROG
PHALANAGE
PARTY
PDEM
PECON
PROV
PHUMPREL
PGOC
PY
PCI
PLN
PDOV
PREO
PGIV
PHUH
PAS
PU
POGOV
PF
PINL
POV
PAHO
PRL
PG
PRAM
POLITICAL
PARTIES
POLICY
PGOVSMIGKCRMKWMNPHUMCVISKFRDCA
PGGV
PHUS
PSA
PHUMPGOV
PEL
PSI
PAIGH
POSTS
PBT
PTERE
RS
RU
RW
RM
RO
RP
REGION
RSP
RF
RICE
RCMP
RFE
RIGHTS
RIGHTSPOLMIL
ROBERT
RUPREL
RELATIONS
ROOD
REACTION
RSO
REPORT
SENV
SNAR
SCUL
SR
SC
SOCI
SMIG
SI
SP
SU
SO
SW
SY
SA
SZ
SAN
SF
SN
STEINBERG
SG
ST
SIPDIS
SNARIZ
SNARN
SSA
SK
SPCVIS
SOFA
SAARC
SL
SEVN
SARS
SIPRS
SHUM
SANC
SWE
SHI
SYR
SNARCS
SPCE
SYRIA
SEN
SH
SCRS
SENVKGHG
TRGY
TSPL
TPHY
TSPA
TBIO
TI
TW
THPY
TX
TU
TS
TZ
TC
TH
TT
TIP
TO
TERRORISM
TRSY
TINT
TN
TURKEY
TBID
TL
TV
TNGD
TD
TF
TP
TFIN
TAGS
TK
TR
UNSC
UK
UNGA
UN
US
UNHRC
UG
UP
UNMIK
UNHCR
UE
USTR
UNVIE
UAE
UZ
UY
UNO
UNESCO
USEU
USOAS
UV
UNODC
UNCHS
UNFICYP
UNEP
UNIDROIT
UNDESCO
UNDP
UNPUOS
UNC
UNAUS
USUN
UNCHC
UNCHR
UNCND
UNICEF
UNCSD
UNDC
USNC
USPS
USAID
Browse by classification
Community resources
courage is contagious
Viewing cable 09BUENOSAIRES134, ARGENTINE GOVERNMENT'S G-20 PRIORITY: IFI REFORM
If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs
Understanding cables
Every cable message consists of three parts:
- The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
- The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
- The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.
Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #09BUENOSAIRES134.
Reference ID | Created | Released | Classification | Origin |
---|---|---|---|---|
09BUENOSAIRES134 | 2009-02-09 10:07 | 2011-03-14 07:00 | CONFIDENTIAL | Embassy Buenos Aires |
Appears in these articles: http://www.lanacion.com.ar/1357238-evaluaron-echar-a-la-argentina-del-g-20 http://www.lanacion.com.ar/1357239-gestiones-ante-el-gobierno-para-pedir-un-cambio |
VZCZCXRO6123
OO RUEHAO RUEHCD RUEHGA RUEHGD RUEHHA RUEHHO RUEHMC RUEHMT RUEHNG
RUEHNL RUEHQU RUEHRD RUEHRG RUEHRS RUEHTM RUEHVC
DE RUEHBU #0134/01 0401007
ZNY CCCCC ZZH
O 091007Z FEB 09
FM AMEMBASSY BUENOS AIRES
TO RUEHC/SECSTATE WASHDC IMMEDIATE 2998
INFO RUEHWH/WESTERN HEMISPHERIC AFFAIRS DIPL POSTS IMMEDIATE
RUEHAK/AMEMBASSY ANKARA IMMEDIATE 0132
RUEHBJ/AMEMBASSY BEIJING IMMEDIATE 0295
RUEHRL/AMEMBASSY BERLIN IMMEDIATE 1173
RUEHBY/AMEMBASSY CANBERRA IMMEDIATE 0091
RUEHJA/AMEMBASSY JAKARTA IMMEDIATE 0051
RUEHLO/AMEMBASSY LONDON IMMEDIATE 1299
RUEHMO/AMEMBASSY MOSCOW IMMEDIATE 0787
RUEHNE/AMEMBASSY NEW DELHI IMMEDIATE 0127
RUEHFR/AMEMBASSY PARIS IMMEDIATE 1504
RUEHSA/AMEMBASSY PRETORIA IMMEDIATE 0186
RUEHRH/AMEMBASSY RIYADH IMMEDIATE 0048
RUEHRO/AMEMBASSY ROME IMMEDIATE 1489
RUEHUL/AMEMBASSY SEOUL IMMEDIATE 0175
RUEHKO/AMEMBASSY TOKYO IMMEDIATE 0870
RUEHSO/AMCONSUL SAO PAULO IMMEDIATE 3872
RUEAIIA/CIA WASHINGTON DC IMMEDIATE
RUCPDOC/DEPT OF COMMERCE WASHINGTON DC IMMEDIATE
RUEATRS/DEPT OF TREASURY WASHINGTON DC IMMEDIATE
RHEHAAA/NATIONAL SECURITY COUNCIL WASHINGTON DC IMMEDIATE
C O N F I D E N T I A L SECTION 01 OF 03 BUENOS AIRES 000134
SIPDIS
E.O. 12958: DECL: 02/05/2019
TAGS: ECON EFIN ETRD PREL PGOV AR BR MX
SUBJECT: ARGENTINE GOVERNMENT'S G-20 PRIORITY: IFI REFORM
REF: A. 2008 BUENOS AIRES 1520
¶B. 2008 BUENOS AIRES 1537
¶C. BUENOS AIRES 66
Classified By: Ambassador E. Anthony Wayne for Reasons 1.4 (b,d)
-------
Summary
-------
¶1. (C) The GoA is focused intensely on G-20 meetings and
preparations, and will continue its push for reform of the
international financial institutions (IFIs), Economy Minister
Carlos Fernandez told Ambassador February 4. Fernandez said
the GoA will promote ""reasonable, serious, and prudent
reforms,"" arguing that the IDB needs a capital increase, the
World Bank needs to be more agile and rapid in its lending,
with more focus on growth, and IMF reforms must include
increased emerging market participation, greater monitoring
of developed economies, and ""faster use of its lending
instruments."" Fernandez denied that the GoA is interested in
IMF financing, but press reports allege this is the GoA's
primary motivation for seeking IFI reforms via the G-20. In
a separate meeting February 2 (septel), ex-Economy Minister
Domingo Cavallo suggested the USG encourage Mexico and Brazil
to coordinate G-20 positions with Argentina. However,
Minister Fernandez noted that the GoA is not at present in
formal communication with either country on G-20 issues.
¶2. (C) Comment: Fernandez took a reasonable line, but it is
clear the GoA wants more access to financing with few
conditions, and seems to believe it is speaking for many
other emerging countries on the topic. Fernandez, Finance
Secretary Lorenzino, and Central Bank Governor Redrado are
serious officials with whom we can negotiate, but the key to
getting the Argentines to play constructively in the G-20
process will be the attitude of President Cristina Fernandez
de Kirchner (CFK) and, to some degree, her Sherpa, Ambassador
to the U.S. Hector Timerman. The danger is that the
President and Timerman, who is not deeply versed in
economics, will take the G-20 Summit as an opportunity to
tout the Argentine model, lambaste the IMF, and focus on
getting more condition-free funding, rather than supporting a
constructive give and take while seeking their priorities.
In this context, some investment by Washington in bringing
Timerman and ultimately CFK along before the April Summit
could bear good fruit. Similarly, encouraging Brazil to work
with Argentina would also be a good way to encourage a more
constructive Argentine approach in our view. End Summary.
¶3. (C) The Minister's discussion of the state of the economy
and GoA concerns about the ""Buy America"" provisions in
pending U.S. legislation, as well as the Ambassador's
advocacy on behalf of U.S. companies and investors, are
reported septel.
-----------------------------
G-20 a priority for Argentina
-----------------------------
¶4. (C) Minister Fernandez emphasized to the Ambassador the
importance of the G-20 to the GoA. The Argentine leadership
highly values it, he said, and added that it is good for the
world to have a group that is broader than just the G-7. The
Ambassador encouraged the GoA to take a serious approach,
emphasizing Argentina's opportunity to play a key and
constructive role in finding solutions to the current crisis.
Fernandez said that he and other GoA officials are extremely
concerned about the fragile state of the world economy, and
particularly the fallout in Brazil, Argentina's major trading
partner. ""We haven't seen the floor of the crisis,"" he
worried, ""and global uncertainty is high and worsening.""
BUENOS AIR 00000134 002 OF 003
While arguing that Argentina is in better shape to weather
the storm than during past international financial crises,
Fernandez nevertheless said he sees the G-20 process as
essential to mitigating the global and regional impact of the
crisis.
¶5. (C) Fernandez said he sent his top subordinates -- Finance
Secretary Hernan Lorenzino and Economic Programming Secretary
Martin Abeles -- to the recent Deputies meeting, and
commented that the GoA is also participating intensively in
the working groups, particularly the two focused on IFI
reforms. He noted that the Argentine Central Bank (BCRA) is
leading the Argentine participation in the working groups on
regulation and financial markets, which he termed ""mostly
developed country issues."" Fernandez said he would lead the
GoA delegation to the Finance Ministers meeting in March in
London. (Local press reports state that President Kirchner
will attend the April meeting.)
--------------------------------------------- -------
GoA Pushes IFI/MDB Reform, Denies Need for IMF Loans
--------------------------------------------- -------
¶6. (C) Fernandez reassured Ambassador that the GoA is
promoting ""reasonable, serious, and prudent"" IFI reforms, but
noted that these were crucial given the IFIs' collective
""failure to predict the crisis"" and subsequent ""failure to
respond (adequately) to it."" While reserving his strongest
criticism for the IMF, Fernandez commented that the World
Bank moves too slowly to respond to crises. He argued that
it needs to become more agile and rapid, and complained that
there was not enough talk in the G-20 working group on World
Bank and multilateral bank reform about supporting emerging
market growth and increasing financial support to emerging
economies. With regards to the IDB, Fernandez praised its
efforts, but called for a capital increase. (The Ambassador
noted that Argentina is currently the largest recipient of
IDB funding, but Fernandez did not comment on the unspoken
implication that the GoA would presumably be a main
beneficiary of increased IDB lending.)
¶7. (C) Fernandez argued that IMF monitoring efforts had
failed to predict the current crisis, and he panned the
Fund's efforts to assist countries in trouble. For example,
he pointed out, the IMF provided financial support to
Iceland, but only after its economy had imploded. While
highlighting the need for ""fortifying its financing
mechanisms,"" Fernandez mostly underlined the need for greater
emerging market participation (and ""greater voice"") in the
governing of the IMF. He also accused the IMF of focusing
monitoring efforts almost exclusively on developing
countries, and noted that the current crisis highlighted the
need for the IMF to improve its monitoring of developed
economies. (Comment: GoA officials have voiced these same
criticisms on numerous prior occasions; see Ref A.)
¶8. (C) Fernandez acknowledged local sensitivities related to
the IMF (given the GoA's demonization of the IMF for its role
in the 2001/2002 crisis). Therefore, he noted, the GoA is
supporting IMF reform in order to help other emerging
economies and, for its own part, has no intention or need to
return to the IMF for financing. Nevertheless, press reports
on the meeting speculated that that the GoA expects to use
the G-20 as a means to achieve IFI reforms that would allow
it to access low-conditionality IMF credits, given that it is
desperate for funds and has no access to either international
or domestic financing.
¶9. (C) Responding to Fernandez's question on whether the U.S.
will support broad reforms of the IFIs, EconOff noted USG
support to date for increased emerging economy voting rights
and ""voice"" in the IMF, as well as USG support to date for
BUENOS AIR 00000134 003 OF 003
IFI reform in the G-20 process. Fernandez acknowledged that
the GoA had been one of the few IMF members to vote against
the last IMF reform effort (in May 2008), which increased
developing country representation and ""voice"" on the
Executive Board, and even admitted that the GoA had cast its
vote mainly because its voting share declined as a result of
the reform. Nevertheless, he called the reform ""marginal,""
and stated that current efforts need to go farther.
------------------------------------------
Coordination with Other LatAm G-20 Members
------------------------------------------
¶10. (C) In a separate meeting with the Ambassador on February
2 (reported septel), ex-Economy Minister Domingo Cavallo
suggested that one way to moderate Argentina's approach to
the G-20 and broader approach to economic policy would be to
encourage greater coordination of positions among Mexico,
Brazil, and Argentina. He said he had already recommended
this to his Mexican and Brazilian colleagues in the G-30:
ex-President of Mexico Ernesto Zedillo, current Mexican
Central Bank President Guillermo Ortiz Martinez, and
ex-President of Brazil's Central Bank, Armenio Fraga Neto.
(The G-30, a private group focused on deepening understanding
of international economic and financial issues, issued a
report on January 15 on financial reform, which Cavallo said
is aimed at influencing G-20 discussions.) Cavallo also
urged the Ambassador to push for a USG initiative to promote
such coordination among the three countries, particularly on
G-20 positions. (Comment: Minister Fernandez did not offer
hope that the GoA would pursue this option on its own, and
stated that at this point the GoA is not in formal
communication with either country on G-20 issues, although
the G-20 comes up in Argentina's regular informal discussions
with Brazil.)
-------
Comment
-------
¶11. (C) Cavallo's idea is a good one and worth pursuing.
Brazil and Mexico could have a very positive effect on
Argentina's position, which was not very constructive at the
last G-20 Summit. Unfortunately, President CFK tends to
launch into grand rhetoric about the Argentine model, the
failure of the IFIs, and the financing needs of emerging
economies. Her Sherpa, Ambassador Timerman, often echoes
these sentiments and has little grounding in economics. In
addition to the positive influence that Brazil (especially)
and Mexico could have on Argentine behavior, CFK is very
anxious to get off to a good start with President Obama. We
believe some time invested by senior officials with Timerman
and a well-timed call or message from the President to CFK
could have a big impact on Argentine performance at the G-20
(and elsewhere, such as in the Summit of the Americas). End
Comment.
WAYNE