Hopes were high when Mauricio Macri became President of Argentina. Now nearly 18 months later, reality has set in. The hoped-for turnaround has not yet happened, and life for many Argentines remains tough.
Inflation has hit 25 percent, the Argentine peso has lost about 20 percent of its value against the US dollar, and the federal budget is in deficit. The government hopes the IMF loan will get the country back on track.
Argentina's central bank has performed a series of rapid-fire rate hikes to help stabilize the national currency. The country wants to prevent a repeat of its 2001-2 economic crisis that left its population in poverty.
Argentina's parliament has approved a pension reform bill following violent protests in the capital, Buenos Aires. More than 150 people were injured in the clashes.
Demonstrators clashed with police in Buenos Aires as the city came to an utter standstill during a 24-hour general strike. Workers feel that the free market policies of President Macri have exacerbated income inequality.
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