Martin Guzman, Argentinas Minister of Economy, writes in the FT about the current debt crisis. Read closely and then analyze, using the following sequence of questions as your analytical structure.

1. Guzman says that Argentina owes $65 billion, at an average interest rate of 7%, which is absorbing 20% of government revenues. Explain, using balance sheets.
2. Guzman proposes a restructuring of this debt, involving a 3-year grace period (no payment), reduction of interest rate, and reduction of principal. Which of these addresses the survival (payment) constraint?
3. Guzman says his proposal is based on realistic estimates of export growth. Why is export growth relevant for debt service?