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To: Jim Willie CB who wrote (39159)	7/18/2001 10:06:11 AM
From: stockman_scott	Read Replies (1) of 65232

Argentina says it needs no extra funds to pay H2 debt Tuesday July 17, 5:24 pm Eastern Time <<BUENOS AIRES, Argentina, July 17 (Reuters) - Argentina will not need to return to the markets to raise extra funds to meet its medium- and long-term debt payments in the second half of the year, Finance Secretary Daniel Marx said on Tuesday. ``In the second half ... all the medium- and long-term debt totals $4.076 billion, and projected payments from multilaterals and bilaterals add up to $4.677 billion,'' Marx told reporters. ``What we are demonstrating here is that from the point of view of amortizations and payments we have a surplus of $600 million,'' he added, but did not say if a Treasury bill auction scheduled for July 24 had been canceled. The Argentine government said last week it had been effectively cut off from international credit after it was forced to pay ``ruinous'' interest rates of over 14 percent -- the highest in five years -- at its last short-term debt auction on July 10. Marx's comments came after the government clinched the support of provincial governors late Monday for an austerity drive to slash national and provincial budget deficits to zero in an effort to allay fears the government will be unable to meet payments on its hefty $128 billion public debt.>>

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