▁prices ▁for ▁agricult ural ▁comm od ities , ▁the ▁appreci ation ▁of ▁the ▁US ▁doll ar , ▁to ▁which ▁the ▁pes o ▁was ▁p eg ged ▁at ▁par , ▁the ▁ 1 9 9 8 ▁Russian ▁financial ▁crisis , ▁the ▁L TC M ▁crisis ▁and ▁the ▁de valu ation ▁of ▁the ▁Brazil ian ▁real ▁in ▁January ▁ 1 9 9 9 . ▁Argentina ▁did ▁not ▁enjoy ▁a ▁rapid ▁recovery , ▁and ▁the ▁sl ugg ish ness ▁of ▁G DP ▁growth ▁fuel led ▁concerns ▁about ▁the ▁sust ain ability ▁of ▁public ▁deb t . ▁ ▁In ▁December ▁ 1 9 9 9 , ▁President ▁Fernando ▁de ▁la ▁R ú a ▁took ▁office , ▁seeking ▁assistance ▁from ▁the ▁IM F ▁shortly ▁there after . ▁In ▁March ▁ 2 0 0 0 , ▁the ▁IM F ▁agreed ▁to ▁a ▁three - year ▁$ 7 . 2 ▁billion ▁stand - by ▁arrangement ▁with ▁Argentina , ▁condition ed ▁on ▁a ▁strict ▁fis cal ▁adjust ment ▁and ▁the ▁assumption ▁of ▁ 3 . 5 % ▁G DP ▁growth ▁in ▁ 2 0 0 0 ▁( actual ▁growth ▁was ▁ 0 . 5 %). ▁In ▁late ▁ 2 0 0 0 , ▁Argentina ▁began ▁to ▁experience ▁sever ely ▁dimin ished ▁access ▁to ▁capital ▁mark ets , ▁as ▁reflected ▁in ▁a ▁sharp ▁and ▁sust ained ▁rise ▁in ▁spread s ▁on ▁Argent ine ▁b onds ▁over ▁U . S . ▁Tre as uries . ▁In ▁December , ▁The ▁de ▁la ▁R ua ▁government ▁announced ▁a ▁$ 4 0 ▁billion ▁mult il ater