The primary budget balance shows government savings before debts are paid. It is an important indicator of fiscal health in Argentina, which has been virtually shut out of global credit markets since a 2002 default. The government reported a primary surplus of 13.03 billion pesos from January through November, which puts officials far off course to meet a target of nearly 27 billion pesos by year end, as stipulated in the 2012 budget bill. Argentina's Treasury has repaid debts in recent years by using loans from state entities like the ANSES pensions agency and the central bank's foreign currency reserves. A similar strategy is foreseen for 2012. After debt repayments, November's data showed a fiscal deficit of 50.4 million pesos, compared with a surplus of 2.12 billion pesos in the same month of 2010. Primary spending growth eased to 14.5 percent year-on-year in November, confirming analysts' predictions that the government's expenditures would cool once an Oct. 23 presidential election had passed. Center-left President Cristina Fernandez took office for a second four-year term on December 10.