He brought in new members and raised $3,000 toward debt repayment within six months.
Coming out of the recession we are also going to have higher debt repayments.
The nation faces debt repayments this year of more than $900 million.
City analysts had expected a further £50m worth of debt repayment during the month.
If that helps the government keep up with their debt repayments, that's all well and good.
"We need to have this curve where debt repayments will be quite small in the first years," he said.
He also said the terms on which debt repayment was extended would be made more generous in other ways.
Because of financial instability, Congress suspended foreign debt repayment for two years.
The offering would seek to raise $200 million for debt repayment.
The $9m or so net proceeds will be used for debt repayment and working capital.
On Monday, the company missed a $14 million debt payment.
It is behind on its debt payments by some $8 billion.
Doing so, he said, would allow the state to avoid a $50 million debt payment in January.
"We will not be able to make foreign debt payments over the next 10 years according to the original schedule," he said.
Under the terms of the bond, the state and city's debt payments would be $52 million a year.
The company set aside $100 million in June to cover three years of debt payments on the projects.
To make the tax cut look bad, Democrats compare it to debt payment.
The Government included debt payments of just $9.5 billion in its draft budget.
Over the last two months, most companies have simply stopped making debt payments.
The project would cost the state roughly $7 million a year in debt payments for the next 30 years.