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In approving a $50 billion #IMF bailout, @Lagarde says the board recognized #Argentina’s “systemic transformation of its economy,” and blamed the peso’s recent meltdown on an “ill-fated confluence of factors.” http://www.imf.org/en/News/Articles/2018/06/20/pr18245-argentina-imf-executive-board-approves-us50-billion-stand-by-arrangement …https://twitter.com/imfnews/status/1009473853746184194 …
Though the #IMF program is undeniably austere (requiring a balanced budget by 2020, compared to a projected deficit of 2.7% of GDP this year), @Lagarde today again recognized the brutal political realities in #Argentina, promising an “emphasis on maintaining social cohesion.”
Many analysts had long questioned President @mauriciomacri’s aversion to shock therapy, and raised flags over chronic deficits, heavy dollar borrowing and continued @BancoCentral_AR financing of the government.
But in its statement, the #IMF generously emphasizes exogenous shocks, including #Argentina’s severe drought, higher global oil prices, and rising U.S. interest rates.
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