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Mexico uses second part of short-term credit plan

Mexico started drawing on the second installment of a $1.85 billion short-term credit arranged last August with the US Federal Reserve System and other central banks, European monetary sources said.

Mexico needs the money to pay interest on its foreign debt of over $80 billion, the world's largest. It already withdrew a first installment of $600 million.

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Argentina agreed to make spending cuts that may prove politically unpopular as a condition for obtaining $2 billion in International Monetary Fund loans. The loans represent an emergency first step intended to help bring that country up to date in the installment payments on its $40 billion foreign debt.