The total amount of debt has increased exorbitantly, and no one knows at what rates!

Argentina's central bank said China has authorized a free-access currency swap line totaling $6.5 billion, part of a broader deal the country has been using to help defend the embattled local peso.

The agreement with China helps Argentina increase its depleted foreign currency reserves while it is going through a major economic crisis, with annual inflation exceeding 130% and the central bank's dollar reserves reaching negative levels.

Wednesday's measure effectively increases the amount that Argentina can access as part of the swap line formalized in early 2023.

"China has increased the amount and instead of 5 billion dollars we are receiving 6.5 billion dollars," said Alberto Fernández, from the Asian country, where he is on an official trip. "

Every time we went through difficult times, Xi Jinping's government gave us its support," Fernández added. "This is an important step so that production (in argentina) does not stop.

" This is the second line of exchange with China activated during Fernández's presidency. According to an official source from the bank, the total amount of the swap line amounted to 47 billion yuan.

The problem is that it is not said that it is a loan, and it accrues interest that no one knows about.

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