In only one week, during his tour around US, Argentine economy minister Martin Lousteau opened talks to achieve new credits with international organizations, he let rumours spread about a new debt swap and he tried to unlock relation with Paris Club, to which the country owes $7 billions. In other words, except for holdouts and IMF, almost all Argentina's lenders received Cristina de Kirchner's rapprochement.
Why is Argentina so worried about debt payments? Because of great maturities approaching in the period 2008-2011. In other words, government bonds and secured loans, which payment shall be done in cash, with no possibility of automatic roll-over.
Between 2008 and 2011, $30.89 billions of capital fall due, 75.6 per cent more than in 2004-2007, that's to say, an average of $7.72 billions a year. Taking into account that Argentina can place $1.5 billion annual to Venezuela and other $3 billions to domestic market (foreign markets are still closed for Argentina due to holdouts and new default which is INDEC's inflation rigging), if structure of outlays and payments of capital with foreign organizations is repeated in 2008-2011, government would have a financing "hole" of $7.3 billions (considering a net intra-government debt placement of $1.26 billion), 50 per cent higher than 2004-2007 "red" of $4.83 billions.
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