IMF to help debt-ridden Argentina and Mexico

Two of Latin America's biggest debt problems appeared closer to resolution as Mexico and Argentina made progress toward obtaining crucial loans from the International Monetary Fund. But another problem loomed as banking sources here said they expected Brazil, whose debt ranks with Mexico's at around $80 billion, to seek IMF assistance after next Monday's elections.

Mexico signed a letter of intent to borrow $3.84 billion from the IMF over the next three years, but the government must slash public spending, raise taxes and curb imports to qualify for the funds.