Unity, not confrontation: Argentina's new president Mauricio Macri embodies a new style of government. And soon he may manage to shake off the country's reputation as a tardy payer.
A federal judge will decide if President Macri's administration had the authority to request the IMF loan. Argentina has been plagued by economic instability that threatens to spill over into the political arena.
President Mauricio Macri said his country is facing "an emergency" that required massive spendings cuts and agricultural taxes. This year, Argentina's currency has already lost half its value compared to the US dollar.
The government of Argentina denied that it was facing economic failure after the peso fell for three straight days. Investors appear unconvinced that President Mauricio Macri can alleviate the country's economic woes.
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.
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