Argentine finance minister quits

President Fernando de la Rua of Argentina has formally accepted the resignation of his finance minister, Jose Luis Machinea, who stood down on Friday after criticism that he had failed to revive the long-stagnant economy.

The president met his advisers to discuss a replacement, but his spokesman said that no announcement would be made until Sunday.

The spokesman said the new minister would be expected to guarantee recovery and growth.

In early January, international lenders unveiled a bail-out package worth almost $40bn to help Argentina out of two years of severe recession.

But the economy has failed to pick up.

From the newsroom of the BBC World Service