Argentina and the IMF: Another Default in the Works?

By Arturo Porzecanski

A different outcome may still be possible, a leading emerging-market economist writes.

The seeds for the latest chapter in Argentina’s long history of confrontations with the International Monetary Fund were planted about a year ago, on the eve of the global pandemic. President Alberto Fernández and Economy Minister Martín Guzmán were putting the finishing touches on a proposal for major debt relief from the government’s bondholders at home and abroad. Fernández had come into office in December 2019 criticizing the IMF’s huge emergency loan negotiated by his predecessor, and announcing his intention to seek debt relief from Argentina’s domestic and foreign...

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