In the same vein, Miss Cardoso ruled out paying the interest in arrears.

Figures, in billions, exclude interest in arrears.

A LIBOR-in-arrears swap is an interest rate swap that sets and pays interest in arrears.

The I.M.F. said it would release a $1.4 billion standby credit to Argentina even before an agreement with the country's commercial bank lenders to pay more than $4 billion of interest in arrears.

Argentina has recently started paying some of its interest in arrears and has begun discussions with the International Monetary Fund, the World Bank's sister lending agency, and commercial banks on economic reforms.

Brazil has just ended a yearlong moratorium on interest payments, and last week its creditor banks offered $5 billion to help finance 1987-88 interest in arrears, compared with the $7 billion Brazil has sought.

The offering is connected with the Chicago-based company's solicitation of consents from the holders of certain Bally debt to receive Bally common stock for interest in arrears and prepaid interest or preferred dividends in arrears.