BUENOS AIRES Officials put a brave face on Argentina's worsening economic woes Monday amid markets in turmoil and the government's suspension of bond sales.

Argentine stocks fell as investors lost confidence in the government's ability to turn the country around. The Merval index here closed Monday down 11 points (2.60 percent) to 409.26, a sign of distrust in government measures, AFP reported.

And the country's risk rating by international agencies soared to a record of 1,142, its highest level since the country adopted an effective peg for its peso to the U.S. dollar back in 1991.