1.   But NextWave and others counted on raising money on Wall Street to help fund operations and debt payments.

2.   There is little comfort for foreign creditors hoping for an end to the six-month moratorium on debt payments.

3.   Kiyonga said that declining terms of trade and heavy debt service payments continued to prevent rapid economic rehabilitation.

4.   The budget had to respond to the two challenges of tax reform and resumption of debt service payments, he said.

5.   Already, the international arm of the U.S. wireless carrier Nextel Communications has missed a debt payment to banks, mainly as a result of the Argentine economic crisis.

6.   And the company could not meet its debt payments.

7.   And this means the country would not have the money to meet its foreign debt payments, even if it could implement the new round of spending cuts.

8.   Any additional debt payments could reduce the size of dividends the company pays to shareholders, analysts said.

9.   Argentina has already suffered through four years of recession and large budget cuts to meet its debt payments.