Argentina launches voluntary asset swap -economy ministry

Argentina's economy ministry said on Monday it had launched a voluntary asset conversion operation as the South American country battles tumbling foreign reserves that threaten its ability to meet payments.

The ministry last week said it was studying the possibility of a swap in order to bring "financial relief" to the country's cash-strapped treasury. A major drought this year has helped deplete Argentina's foreign reserves, which the government is trying to rebuild in order to cover trade costs and make future debt repayments, as well as to meet economic targets under its $44 billion loan program with the International Monetary Fund (IMF).