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Argentina’s country risk rating measured by the JP Morgan EMBI+ emerging market index fell to 981 points yesterday from 1,019 points on Friday in lunchtime trading in New York. According to Daniel Marx, Argentina’s financial secretary, the total of deferred repayments would be around $16bn up to the end of 2005. This represents a significant easing of the country’s immediate financing needs and keeps the door of the international capital markets wide open.