The Banco Central has an oversight program in p lace for the Argentine banking industry, but even this, he says, is not stringently applied. Regardless, Doretti suggests that elected officials in the Argentine Congress have so far shown little interest in the Y2K issue. But it's paying the Y2K tab which worries Doretti the most. His conversations with companies indicate that they understand the Y2K problem, but cannot pay to get it fixed. Y2K-induced damage to the quality and productivity of Argentine business operations could undermine attempts to foster national economic recovery, improve the nation's trade surplus and attract foreign investment.
Money remains a major issue.
Doretti i s hoping that the country's existing lines of credit with international financial institutions can be diverted to fund Y2K repairs. Many in the private sector appear to share a gloomy assessment of the country's Year 2000 prospects. And stic ker shock is growing. Others are concerned that no matter what Argentina does, if the Y2K situation causes economic problems in the United States, those problems will ripple through South America. The difference, of course, is that a bug which may make the U.S. marketplace sniffle for a few months could make relatively fragile economies like Argentina ill for years to come.