Argentina seeks IMF financial aid “to avoid crisis”

http://www.bbc.com/news/business-44047113

Argentina is to start talks about a financing deal with the International Monetary Fund (IMF) on Wednesday amid reports it is seeking $30bn (£22bn).

Finance minister Nicolas Dujovne is due to fly to the IMF’s Washington offices.

After recent turmoil that saw interest rates hit 40%, President Mauricio Macri said IMF aid would “strengthen growth” and help avoid crises of the past.

The talks come 17 years after Argentina defaulted on its debts and 12 years since it severed ties with IMF.

Mr Macri said in an address to the nation on Tuesday: “Just a few minutes ago I spoke with (IMF) director Christine Lagarde, and she confirmed we would start working on an agreement.”

“This will allow us to strengthen our program of growth and development, giving us greater support to face this new global scenario and avoid crises like the ones we have had in our history,” he said.

Local media and Bloomberg reported that Argentina was seeking $30bn, although the government declined to comment.

The peso has lost a quarter of its value in the past year amid President Macri’s pro-market reforms.

Last week the central bank raised interest rates from 33.25% to 40%.

Many people still blame IMF austerity requirements for policies that led to a financial and economic meltdown in 2001 to 2002 that left millions of middle class Argentines in poverty.

Argentina eventually defaulted on its debts. And although its last IMF loan was paid down in 2006, the country severed ties with the Washington-based body.

———–

dont cry for me argentina..we will all be crying for you soon..you are officially on the meat hook..

look at the interest rates they are on..they just went from 33.25 to 40%!!

“Many people still blame IMF austerity requirements for policies that led to a financial and economic meltdown in 2001 to 2002 that left millions of middle class Argentines in poverty.”

yeah but hey..lets do it all over again..

401

~ by seeker401 on May 10, 2018.

9 Responses to “Argentina seeks IMF financial aid “to avoid crisis””

  1. Let the country go bust then issue new currency

  2. Their just punching themselves in the face:

  3. The economic hit men are back.

    Whats the REE situation in Argentina, I wonder?

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