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Argentina meets deadline for protecting its credit

The government met Saturday's critical deadline for protecting its international credit by reaching an agreement with banks to pay $450 million in overdue interest on its $43.6 billion foreign debt.

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Argentina will pay $225 million of the interest from an estimated $1.5 billion reserve fund, and the banks agreed to provide a $125 million loan for 45 days, Economics Minister Bernard Grinspun said at a news conference in Buenos Aires on Friday.

Mr. Grinspun said Argentina deposited the remaining $100 million with creditor banks in the United States last week.

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