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Argentina recognizes obstacles to reforms

BUENOS AIRES, July 5 (UPI) -- The Argentine government says that the internal political situation of the country may make it hard to put needed economic reforms in place.

In a statement to the U.S. Securities and Exchange Commission published Monday in the newspaper Infobae, the Argentine government said it recognizes that "internal political and social dynamics may make it difficult to carry out economic reforms and repay the national debt."

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"The government may not be able to comply with agreements reached with creditors, including those who participated in the offer to restructure the debt, if a significant political opposition to these agreements exists."

The statement said "lack of a clear political consensus in favor of passing a series of economic reforms has caused and may exacerbate uncertainties with respect to the economic and political future of the country."

It said there was a significant faction within the ruling Peronist party to the programs proposed by President Nestor Kirchner that could make passage of reforms in the legislature difficult, if not impossible

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