Argentina inches closer to debt deal

ARGENTINA - Argentina has edged closer to settling a debt swap deal to save it from defaulting on its international borrowings and effectively going bankrupt.

The government has persuaded some of the country's 23 provinces to sign up to spending cuts.

The cuts are a prerequisite if it is to get $3bn from the International Monetary Fund (IMF) to back its hopes for a debt swap and buy more time to repair the fractured economy.

Without it, the country is unlikely to be able to meet its interest

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