IMF increases Argentina bailout package to $57 billion
The International Monetary Fund and Argentina announced Wednesday an arrangement to increase resources available to the South American country by $19 billion.
The agreement, pending IMF Executive Board approval, would bring the total amount available under the program to $57.1 billion by the end of 2021, up from the $50 billion secured on June 8.
Argentina's recession-laden economy is struggling under steep interest rates of 60% and a currency that has lost around 50% of its value against the dollar this year.
The governor of Argentina's Central Bank, Luis Caputo, resigned on Tuesday after taking the reins in June, the bank said in a statement - a surprise announcement for a country in the midst of talks with the IMF. The announcement sent the peso tumbling.
The agreement makes $14 billion available for borrowing for the remainder of 2018, rather than the planned $6 billion; and another $23 billion in 2019, rather than $12 billion - a $19 billion advance in total.
Macri has already spent nearly all the $15 billion drawn from the credit line on June 22 to prop up the peso, which has nevertheless lost half its value since Argentina's carry-trade debt bubble imploded in April.
At: https://www.cnbc.com/2018/09/26/imf-increases-argentina-bailout-package.html
Macri and the IMF's Christine Lagarde at an Atlantic Council (NATO) dinner in New York Monday night.
"I must confess I have a crush on Christine," Macri told attendees. "And soon all Argentines will be crushing on her too."
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He's been busy, with his friends, making off with the borrowed money, just the way dictators do it.
Then they leave it all for the progressives to clean up, while screeching about how those dirty leftists are raising everyone's taxes.
It's such an old, old habit of theirs, and their elites get even richer every time they do it.
Apparently, they count on everyone dying young, which can be arranged if the keep the masses dirt-poor. If people live long enough to start keeping track of what's been happening they realize what the fascists have been doing and can be considered their "enemies" if they can enlighten the younger citizens about the fascists' nature, and proven history, and a new movement starts again.
"I must confess I have a crush on Christine." Oh, for goodness' sake. What a creep. He probably flatters her continuously, tells her what a beautiful IMF official she is, and she privately snickers as she arranages for more and more money transfers, and the people of Argentina get deeper and deeper in debt, and their lives become so much harder.
Oh, they could do that forever, but there is a limit to how much hardship the population can endure before reacting. When the people DO get angry, Macri or whoever is in charge will start filling up the torture centers again, and people will start disappearing more often than the political prisoners and murders taken already.
It's a calculated risk they are happy to make, because they have learned you truly can get by with murder before an organized resistance is actually likely to happen.
This is so horrible. 19 Billion is no small matter. Macri is throwing it around like confetti.
Thanks, sandensea.