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Argentina Minister: Won't Use Forex Reserves To Pay Paris Club Debt
Wall Street Journal
July 28, 2010

BUENOS AIRES (Dow Jones)--Argentina's government won't tap the central bank's foreign exchange reserves to pay off some $7.5 billion in debts owed to governments in the developed world, Economy Minister Amado Boudou said Wednesday.

In March, the government controversially borrowed $6.6 billion from the central bank's $50 billion reserves to pay down money owed to private-sector investors as well as to multilateral agencies such as the World Bank. Opposition politicians criticized the measure at the time, saying the government didn't secure the proper Congressional authorization to be able to use the reserves.

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