ARGENTINA FUND INC
NSAR-B, 1997-01-14
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SIGNATURE   THOMAS F. MCDONOUGH                          
TITLE       VICE PRESIDENT      

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This  schedule  contains  summary  financial   information  extracted  from  The
Argentina  Fund, Inc. Annual Report for the period ended October 31, 1996 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
  <NUMBER> 2
  <NAME> THE ARGENTINA FUND, INC.
       
<S>                           <C>
<PERIOD-TYPE>                 YEAR
<FISCAL-YEAR-END>                     OCT-31-1996
<PERIOD-START>                         NOV-1-1995
<PERIOD-END>                          OCT-31-1996
<INVESTMENTS-AT-COST>                 110,652,034
<INVESTMENTS-AT-VALUE>                117,691,311
<RECEIVABLES>                             188,900
<ASSETS-OTHER>                              1,148
<OTHER-ITEMS-ASSETS>                            0
<TOTAL-ASSETS>                        117,881,359
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<SENIOR-LONG-TERM-DEBT>                         0
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<SENIOR-EQUITY>                                 0
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<OVERDISTRIBUTION-NII>                          0
<ACCUMULATED-NET-GAINS>               (4,647,590)
<OVERDISTRIBUTION-GAINS>                        0
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</TABLE>


Coopers                                          Coopers & Lybrand L.L.P. 
& Lybrand
                                                 a professional services firm
                       
                       REPORT OF INDEPENDENT ACCOUNTANTS


To the Board of Directors of The Argentina Fund, Inc.:


        In planning and  performing  our audit of the financial  statements  and
financial  highlights of The Argentina  Fund, Inc. (the Fund) for the year ended
October 31, 1996,  we  considered  its  internal  control  structure,  including
procedures  for  safeguarding  securities,  in order to  determine  our auditing
procedures for the purpose of expressing our opinion on the financial statements
and financial  highlights and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.

        The  management  of  The  Argentina   Fund,   Inc.  is  responsible  for
establishing and maintaining an internal control  structure.  In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control  structure  policies and
procedures.  Two of the  objectives  of an  internal  control  structure  are to
provide management with reasonable, but not absolute,  assurance that assets are
safeguarded   against  loss  from  unauthorized  use  or  disposition  and  that
transactions  are executed in accordance  with  management's  authorization  and
recorded  properly to permit  preparation of financial  statements in conformity
with generally accepted accounting principles.

        Because of  inherent  limitations  in any  internal  control  structure,
errors or irregularities may occur and not be detected.  Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate  because of changes in conditions or that the effectiveness of
the design and operations may deteriorate.

        Our  consideration  of the Fund's internal  control  structure would not
necessarily disclose all matters in the internal control structure that might be
material  weaknesses  under standards  established by the American  Institute of
Certified Public  Accountants.  A material  weakness is a condition in which the
design or operation of the specific internal control structure elements does not
reduce to a  relatively  low level the risk  that  errors or  irregularities  in
amounts  that would be  material in relation  to the  financial  statements  and
financial highlights being audited may occur and not be detected within a timely
period by employees in the normal course of performing their assigned functions.
However, we noted no matters involving the internal control structure, including
procedures  for  safeguarding  securities,  that  we  consider  to  be  material
weaknesses, as defined above, as of October 31, 1996.

        This report is intended solely for the information and use of
management of  The Argentina Fund, Inc. and the Securities and
Exchange Commission.


                                                     /s/Coopers & Lybrand L.L.P.
Boston, Massachusetts                                COOPERS & LYBRAND L.L.P.
December 19, 1996

Coopers  & Lybrand  L.L.P.  is a member of  Coopers & Lybrand  International,  a
limited liability association incorporated in Switzerland.


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