Argentina of the North

Wall Street Journal story (subs. req'd) on the imminent government takeover of Fannie Mae and Freddie Mac --

In recent weeks, Treasury officials have been reaching out to foreign central banks and other overseas buyers of securities or debt sold by the two companies, to reassure them of the creditworthiness of these instruments.

In one such conversation, at the end of August, the Treasury sought to reassure the Bank of Mexico, according to a person familiar with the matter, of the soundness of agency securities held by the bank. Treasury officials have also had similar conversations with Japanese investors who are buyers and holders of agency debt.

Got that? The US Treasury Department, on the phone to Mexico, assuring them that US debt is sound.