WASHINGTON, Sept 12 (NNN-AGENCIES) — Despite a history of many IMF rescue programmes, Argentina once again faces a deepening financial crisis, raising questions about whether the Washington-based lender made a mistake in its dealings with Latin America’s third largest economy.<\/p>\n\n\n\n
The International Monetary Fund, which last year approved a record US$57 billion loan for Argentina in exchange for sweeping economic reforms, is in the eye of the storm after President Mauricio Macri suffered a crushing defeat in the Aug 11 primary elections.<\/p>\n\n\n\n
The victory of Peronist candidate Alberto Fernandez put Macri’s re-election in serious jeopardy, and threw financial markets into turmoil, worsening the already grim economic outlook.<\/p>\n\n\n\n
Macri requested a loan from the IMF in April 2018 after a run on the currency weakened the peso and worsened the ongoing financial downturn.<\/p>\n\n\n\n
Despite early signs the reforms he implemented were stabilising the economy – and amid the optimistic analysis from the IMF – prices soared and job losses accelerated, sparking outrage and protests in a country with a long, fraught history with the fund.<\/p>\n\n\n\n
Argentina has one of the highest inflation rates in the world at 55 per cent, while unemployment has risen to 10.1 per cent this year and a third of the population lives in poverty.<\/p>\n\n\n\n
Official data show the external debt, largely denominated in US dollars, rose to 88.5 per cent of GDP in 2019 from 52.6 per cent in 2015. — NNN-AGENCIES<\/p>\n","protected":false},"excerpt":{"rendered":"
WASHINGTON, Sept 12 (NNN-AGENCIES) — Despite a history of many IMF rescue programmes, Argentina once again faces a deepening financial crisis, raising questions about whether the Washington-based lender made a mistake in its dealings with Latin America’s third largest economy. The International Monetary Fund, which last year approved a record US$57 billion loan for Argentina […]<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[208],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/41971"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=41971"}],"version-history":[{"count":0,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/41971\/revisions"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41971"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}