Although it will take time to work out the kinks, the general idea is that the exchanges should reduce the administrative burden of individually rating and selling plans to consumers.

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Meanwhile, Ireland, the agency said, could claw its way back into the single-A rating band if a deal is struck to share the burden of its bank debts.

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The economy ministry also hopes to cut its interest burden by strong-arming pension funds (over sour looks from the big rating agencies) to swap short-dated government paper for long-term bonds.

ECONOMIST: Argentina