Economy Minister Amado Boudou said that they will not cancel the Paris Club debt with bonds and added that they will not ask the IMF for help.

"It would not make sense to solve the Paris Club issue with bonds, we aren't thinking to do that," said Boudou during a press conference after the two-day meeting with G-20 financial ministers held in Saint Andrews, Scotland.

"We are looking for creative solutions for this issue, we've been debating with the Club's Secretary a few alternatives," added the Minister.

Boudou highlighted the fact that they will not apply any "IMF old recipes, we won't ask the Fund for help." He also added that he met with the IMF Managing Director Dominique Strauss-Kahn but talked about "institutional issues."