11.   Though a debt swap is now progressing, the government is still struggling to cut spending and meet its obligations.

12.   Argentina is attempting to chip away at high borrowing rates for the federal and provincial governments through a series of debt swaps.

13.   Argentine leader proposes a controversial debt swap.

14.   But Finance Secretary Guillermo Mondino said in neighboring Uruguay that Argentina desperately needed IMF support for an upcoming debt swap.

15.   But until further details are known on the first debt swap, aimed at local investors, investors will continue to remain cautious.

16.   Credit agencies have warned that such a debt swap might be considered a partial default.

17.   Finance Secretary Guillermo Mondino said Argentina desperately needed IMF support for an upcoming debt swap.

18.   He also said his debt swap was in the best interest of creditors at home and abroad.

19.   However, the debt swap is expected to involve the printing of billions of new rubles in coming weeks and months, which almost certainly will contribute to inflation.

20.   It is expected to include a tax cut to boost consumer spending, reductions in government spending, aid to struggling companies and a debt swap.