One of the government’s objectives is to keep the ratio of public debt to GDP stable. Well, this ratio increased by more than five percentage points during the first half of the year and, despite the debt restructuring process, could close the year at around 100%. In other words, Argentina owes practically everything it produces. For a country that has no financing in the voluntary debt markets, this percentage sets off all the alarms. Debt-to-GDP ratio could approach 100%, the highest level in 15 years.