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Argentine outlines a plan to end slump, revise debt

Argentine Economy Minister-designate Bernardo Grinspun outlined plans Tuesday for ending recession and rescheduling the $40 billion external debt when the new civilian government takes office next month.

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Mr. Grinspun said his economic team was still gathering information about the state of the economy and had not yet begun drafting policies, but he reaffirmed election pledges by President-elect Raul Alfonsin's reformist Radical Party that the new government would raise real wages in the short term and cut the financial costs of industry by reducing government-controlled interest rates.

The government would also reduce the budget deficit by cutting unnecessary expenditures, although spending on education and health would increase. Grinspun said his team was studying a renegotiation of the foreign debt, which falls due next year.

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