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In return, Argentina promised a "zero deficit" government spending program that will require significant new budget cuts and continued sacrifice from its 36 million people.
Now it must wrestle with the implications of "zero deficit".
No one is going to reach a zero deficit as long as there is a recession".
"We have to go immediately to a zero deficit," he told bankers on July 11th.
But tax revenues are falling, making the "zero deficit" target even harder to meet.
A "zero deficit" law aims to end deficit spending and slash state salaries and some pensions by up to 13%.
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Under my plan, zero deficits and a zero national debt within 12 years.
Likewise, the number of people with zero deficits diminishes.
These show, on paper, a €18.3-billion deficit reduction.
"Four Deficit Myths and a Frightening Fact," The Wall Street Journal, January 19 , 2012 A15.
The figure compares with a revised £2.5 billion deficit in May.
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