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Weekly Report - 02 May 2019 (WR-19-17)

ARGENTINA: IMF seeks to bolster Macri

Just how much is at stake in Argentina’s presidential elections in October was laid bare this week. Fresh from setting aside his economic principles to impose price controls on 64 essential products for six months in a bid to halt the relentless march of inflation and give himself a chance of re-election, President Mauricio Macri saw the International Monetary Fund (IMF) acquiesce to interventions in the foreign exchange market by the Argentine central bank (BCRA) to buttress the tottering peso. Relaxing its strictures was as much a political decision as an economic one by the IMF which is acutely aware that as Macri sinks in the polls and former president Cristina Fernández (2007-2015) rises the prospect of Argentina defaulting on its debt again increases commensurately.

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