The Argentinian Peso keeps on tumbling - the markets have lost faith in the country’s government. That even though many believed President Mauricio Macri would turn the economy around.
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.
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.
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.
© 2019 Deutsche Welle |
Legal notice |
| Mobile version