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SAO PAULO, Nov 9 (Reuters) - Argentina is still planning to use its foreign exchange reserves to repay defaulted debt to the Paris Club of creditor nations, the club's chairman Xavier Musca told Reuters on Sunday.
Argentine media have speculated that Argentina might roll back on its promise to repay the debt in one go, using foreign exchange reserves that might be needed to support the economy amid the international financial crisis.
"They are still on the line of wanting to repay their debt," Musca said after meeting Argentine officials on Saturday on the sidelines of a meeting of financial officials from the G20.
He said Argentina and the Paris Club were having discussions about precisely how much money was owed to which countries.
The $6.7 billion earmarked for repayment consists of arrears dating back to Argentina's 2001-2002 economic crisis.
The Paris Club estimates Argentina's total outstanding debt at around $7.9 billion. The difference between the two figures included debt that did not need to be repaid immediately.
Paris Club rules stipulate that if a repayment on defaulted debt is made, it must be done in one go.
Paying off the debt could make it easier for Argentina to raise new loans after its debt default.
But local bonds and the stock market have been hit hard by uncertainty that has pummeled emerging markets and spurred demand for safe-haven dollars.
Argentina has around $47 billion of international reserves with the central bank.
Creditor nations which could expect to be repaid for the arrears included Germany, Japan, Spain, the Netherlands, France, the United States, Italy and Switzerland.
(Reporting by Anna Willard, Editing by Todd Benson)