Around the World's Markets: Buenos Aires

Tuesday 13 July 1999 23:02 BST

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STOCKS ROSE in Argentina, as investors bought shares that had plunged in the region's worst sell-off in six months. The Merval index rose 4.6 per cent to 474.71, erasing most of Monday's 8.7 per cent drop.

Mounting government debt in Argentina sparked the rout on Monday after a presidential candidate warned he might seek a debt moratorium. Markets rallied yesterday after Wall Street investment banks told clients that Argentina can weather a crisis. "We believe Argentina's fiscal situation is not irreparable," said one analyst.

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