U.S. Chamber Calls for U.S. Solidarity with Argentina

WASHINGTON, D.C. — United States Chamber of Commerce President and CEO Thomas J. Donohue called today for the United States to take a more active role in finding solutions to Argentina's ongoing political and economic crisis.

"The time for handouts has passed," said Donohue, "but the time for solidarity is just beginning."

Donohue argued that the United States should use its influence at the International Monetary Fund (IMF) to push for a roadmap showing a way forward for Argentina's President Eduardo Duhalde. The IMF must also include a clearer indication of the conditions under which new financial assistance will be forthcoming.

"No one is talking about just throwing money at the problem," emphasized Donohue. "But we need to help our Argentine friends find a way out of the swamp they're in.

"The good news is that Argentina's financial crisis isn't spreading to its neighbors," Donohue continued. "The bad news is that it has become a dangerous political crisis, with the risk rising every day of serious damage to the country's democratic institutions.

"U.S. companies have invested over $18 billion in Argentina — we have a stake in the stability of this country," Donohue said.

As Donohue pointed out, "the United States has a strong ally in Argentina." Argentina sent troops to the Gulf War in 1991 and 1992, and the country's foreign minister was in Washington on December 21 — the day President Fernando de la Rúa resigned — to discuss the participation of Argentina's armed forces in Operation Enduring Freedom.

"So the time is right for the United States to take a leadership role in helping them resolve their problems," he added.

The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region.

###

02-13