Thank you Chairman Bayh for holding this hearing.
I also want to thank our witnesses for talking to us about our concerns regarding Argentina. It is a very important economic partner.
One concern is that, during this insecure financial time, Argentina may take some actions that will not help in the long run and will, at the same time, cause harm to U.S. businesses.
I am sure that the appropriate U.S. agencies are working with their counterparts in Argentina and providing all the advice necessary. I hope that some of the issues covered include urging Argentina to preserve its freely convertible currency and avoiding the expropriation or confiscation of private sector assets. I am also interested in hearing the panel's views on President Duhalde's current theory that he can bring Argentina out of this crisis by blocking imports.
The implications on trade, the IMF, U.S. business and regional contagion are significant. This timely and important hearing will help guide us in policy making decisions that will hopefully aid our friend and ally, Argentina.