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1) In the 1st 1/2 of the year, #Argentina managed to reduce its so-called headline deficit, meaning budget cutting (principally to capital spending) was ambitious enough to overcome rising interest payments from two years of heavy borrowing.
2) As promised, the fiscal austerity is not touching #Argentina's social spending, rising despite the #IMF's ambitious primary deficit target for 2019 (1.3% of GDP, compared to a projected 2.7% this year). "The real challenge lies in 2019," @jpmorgan writes in a new report.
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