Crisis and instability in Argentina after Macri asks for help from the International Monetary Fund
- The President of Argentina, Mauricio Macri, has had to knock on the door of the International Monetary Fund (IMF) because the devaluation of the peso is becoming increasingly unsustainable. Macri’s conversation with IMF President Christine Lagarde has been made public, in which the Argentine President asks Lagarde for help in dealing with the international reality that is “more complex day by day” due to interest rates.
On Tuesday, the Argentine peso devalued 5% against the dollar. “We are one of the countries with the greatest need for international financing due to the enormous public expenditure that we have inherited,” says Macri.
Although the exact amount that the Argentine president will request from the IMF is uncertain, it will be around $30 billion, according to some sources. The consequences of this in the country are known: the increase in restrictions, the deterioration of working conditions and the eventual privatization of pensions, among others. On the other hand, the IMF has the right to be an observer of the economic direction of the country to which it will lend.
A country repeatedly burdened by foreign debt
Argentina first received money from the IMF in 1957, when the military that removed Juan Perón from the presidency demanded $75 million. The next loan was requested in 2003 for $10 billion.
President Néstor Kirchner temporarily suspended his relationship with Wall Street in 2006 when he cancelled the debt until Argentina received $9,000 in funding in January of last year. Some believe that the IMF had a direct impact on the 2001 Argentine “corralito” crisis, which cut funding to the government of then-President Fernando de la Rúa.
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