Argentina on Its Own: Buenos Aires Times

Argentina is experiencing political and economic turmoil, with high debt and inflation, and Argentinians remove savings from banks and avoid the peso. The International Monetary Fund indicates weariness with Argentina’s problems, suggests Marcel J. Garcia for Buenos Aires Times. Argentina represents nearly 60 percent of the IMF portfolio and global credit ratings agencies suggest the country is already in default on short-term loans, he reports. The country attempts to restructure $44 million in IMF loans, and can anticipate additional conditions for austerity. David Lipton, acting IMF managing director, “reportedly feels uneasy with the terms of the massive US$57-billion stand-by agreement the IMF struck with the country last year – and the way it was implemented,” he reports. Incoming IMF Managing Director Kristalina Giorgieva made no concrete commitments. Meanwhile, Argentina has an election on October 27. – YaleGlobal