Fernando de la Rua, the victor in the recent Argentinean presidential election, will soon have to address the contentious reform of 1988's Coparticipation Law, which stands at the heart of securitization deals for Argentina's provinces.

Under the Coparticipation Law, the federal government transfers more than half of certain coparticipable or "revenue-sharing" taxes to the provinces. On average, these transfers account for 60% of provincial revenues, though some provinces depend on transfers for as much as 90% of their total revenues.

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