Post by jebinbdpq123 on Feb 23, 2024 22:41:01 GMT -5
The escalating confrontation between the two internal divisions of the Todos Front in recent months has reached a level of uncertainty that has frozen the legislative agenda and threatened the prospects for the final two years of President Alberto Fernández's government. The issue that exposed the depth of the rift between the two wings of the Todos Front was the signing of an agreement with the International Monetary Fund to refinance onerous loans taken on by then-President Mauricio in 2016. After several months of exchange rate crisis and peso depreciation, Macri received more than $100 million in financing from the International Monetary Fund. Argentina became the organization's main debtor. Its debt is currently equivalent to the institution's investment portfolio.
Yet the huge injection of money failed led to the outgoing government defaulting on its terms just days before stepping Bahamas Phone Number List down. From the first day in office of the winning formula of Alberto Fernández and Cristina Fernández de Kirchner, the tenor of the IMF loan has hung over the new government like the Sword of Damocles. All sectors of the Todos Front agreed on some basic issues. Macri assumed the loan under an IMF agreement with questionable legality and very little domestic political legitimacy. The debt was assumed without discussion in the Argentine Congress. The president announced it in a video.
One and a half minutes long. The IMF itself admitted in an internal assessment report in 2017 that at least some of the U.S. dollar funding was provided by Argentina to financial investors to unwind their peso positions and flee the country's currency. The possibility of actually paying back the loan was illusive from the start. Then during the pandemic it became clear that it was impossible to face the dollar maturity schedule as agreed. But that was the end of the agreement.
Yet the huge injection of money failed led to the outgoing government defaulting on its terms just days before stepping Bahamas Phone Number List down. From the first day in office of the winning formula of Alberto Fernández and Cristina Fernández de Kirchner, the tenor of the IMF loan has hung over the new government like the Sword of Damocles. All sectors of the Todos Front agreed on some basic issues. Macri assumed the loan under an IMF agreement with questionable legality and very little domestic political legitimacy. The debt was assumed without discussion in the Argentine Congress. The president announced it in a video.
One and a half minutes long. The IMF itself admitted in an internal assessment report in 2017 that at least some of the U.S. dollar funding was provided by Argentina to financial investors to unwind their peso positions and flee the country's currency. The possibility of actually paying back the loan was illusive from the start. Then during the pandemic it became clear that it was impossible to face the dollar maturity schedule as agreed. But that was the end of the agreement.