Argentina will erase its $9.8 billion (U.S.) debt with the International Monetary Fund early next week, tapping central bank reserves to make full repayment and freeing the country from a once-crushing debt load.President Nestor Kirchner, who recently announced plans to pay off the debt, said the payment will be made on Jan. 3 when banks reopen after the long New Year's weekend.Argentina's decision to repay its debt to the IMF ahead of schedule earned Kirchner applause at home, although financial markets earlier this month responded by temporarily driving down the value of the Argentine peso.Although payments were due to the IMF through 2008, repaying ahead of time will save Argentina $1 billion.The early repayment plan is Kirchner's second achievement this year in paying down Argentina's debt. In June, Argentina renegotiated $100 billion in private debt with more than 70 per cent of its creditors, reducing the amount it owed by 75 per cent....
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Editor - 19:10:00 12-29-05
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Editor - 18:50:00 12-29-05
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Editor - 18:02:00 12-29-05
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