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Economy & Business - January 2021

Argentina’s policy zig-zags cloud investor outlook for 2021

The Argentine government led by President Alberto Fernández completed the first of its four years in office on 10 December 2020. In year one the Fernández government successfully renegotiated around US$100bn worth of bondholder debt and took preliminary steps to reschedule a further US$44bn owed to the International Monetary Fund (IMF) – an agreement is now expected by March-April. But the country was hard hit by the coronavirus (Covid-19) pandemic, which accentuated a pre-existing economic recession. Domestic inflation was stubbornly high, the Argentine peso came under renewed speculative attack, and investor confidence was low.

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