Bloomberg News

ARGENTINE DAYBOOK: Fernandez Announces Province’s Debt Plan

December 28, 2011

Dec. 29 (Bloomberg) -- Argentina’s President Cristina Fernandez de Kirchner, who will undergo surgery on Jan. 4 for thyroid cancer, yesterday announced a plan to refinance the debt of 17 provinces.

In her first public appearance after the announcement of her illness, Fernandez yesterday said that 17 provinces will cut servicing costs by about 40 percent and the government extended the grace period on the debt to December 2013 from December 2011.

WHAT TO WATCH:

* Central bank is scheduled to release its 2012 monetary program that will be sent to Congress.

ECONOMY/COMMODITIES:

* The national statistics agency releases November’s construction activity report at 4 p.m. local time.

* The Buenos Aires Cereals Exchange releases its weekly crop report in the afternoon.

EQUITIES:

* The Merval Index yesterday fell 1.3 percent to 2,425.98, led by Petroleo Brasileiro SA, which dropped 3.2 percent to 57.5 pesos.

MARKETS:

* The peso fell 0.1 percent 4.3026 per dollar. The currency has declined 7.5 percent against the dollar this year.

--Editor: Richard Jarvie

To contact the reporter on this story: Eliana Raszewski in Buenos Aires at eraszewski@bloomberg.net

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net


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