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BUENOS AIRES, July 20 (Reuters) - Argentina posted a primary fiscal surplus of 3.826 billion pesos ($417.49 million) in May, 749.2 million pesos more than in same month last year, the economy ministry said on Monday.
The primary budget balance, which measures government spending relative to income and does not include debt payments, is followed closely by the markets as an indicator of Argentina's ability to meet its financial obligations.
The South American grain-exporting country has been locked out of the global bond market since its 2002 sovereign debt default. ($1 = 9.1642 Argentine pesos) (Reporting by Sarah Marsh; Editing by Edmund Klamann)