Argentina’s central bank is setting a price floor under the volatile peso in hopes to avoid a sharp plunge in the currency after an opposition-won presidential election last Sunday shifted the country firmly back to the left, Reuters reported. The peso edged up on Thursday to 59.68 per dollar, with the central bank offering U.S. currency in the exchange market at a fixed 59.99 pesos per greenback, effectively putting a floor on the trade.

A group of bondholders is turning to one of the most recognized names in Argentine debt underwriting for guidance as it gears up for restructuring talks with President-elect Alberto Fernandez’s government over some $50 billion in debt, Bloomberg News reported. Marcelo Delmar, the former head of Latin American debt capital markets at BNP Paribas SA, has been offering advice in recent calls with some of Argentina’s largest creditors, according to people familiar with the matter.

Alberto Fernández already has a full in-tray of economic woes to solve when he takes office in December. The country is grappling with recession, the peso is being caged by currency controls and a pile of debt repayments looms ominously on the horizon, the International New York Times reported on a Reuters story. The center-left Peronist, who beat conservative incumbent Mauricio Macri on Sunday, will take on the top job from Dec. 10, with a juggling act to solve thorny issues like poverty while keeping the economy on track and fending off angry creditors.

In this South American nation stretching from lush jungles in the north to the edge of the Antarctic at its southernmost point, the country’s 45 million people are weighing a vote for change ahead of presidential elections on Sunday, Bloomberg News reported. At the heart of the decision is economic hardship that has roiled Latin America’s No. 3 economy since the middle of last year. It has hurt President Mauricio Macri, who under pressure had been pushing austerity measures to rein in debt.

Argentina’s bondholders are braced for steep losses when the government attempts to tackle its $101bn debt burden after downbeat meetings with IMF officials and associates of Alberto Fernández, the presidential frontrunner, in Washington last week, the Financial Times reported. More than 20 bondholders met a team of IMF officials to discuss the outlook for Argentina ahead of the country’s general election this Sunday.

The International Monetary Fund will stand by Argentina as it works through its economic crisis, Managing Director Kristalina Georgieva said on Thursday. She added that the Fund was waiting to see the future policy framework adopted by the Latin American country, which holds an election later this month in which a change of government is widely predicted, Reuters reported.

Just three years after Argentina’s local markets were brought back from the dead, they’re barely clinging to life, Bloomberg News reported. Assets under management at local banks and brokerages have plummeted 25% since a surprise August primary vote that signaled pro-business President Mauricio Macri has little chance of winning re-election this month. Stock trading has fallen by half, and local bond volume is down by two-thirds.

Argentina’s Sergio Massa, a key ally of presidential front-runner Alberto Fernandez, said on Friday that the International Monetary Fund should give the indebted country time to revive economic growth to be able to pay off its debts, Reuters reported. Massa, a former Argentine chief of staff who struck an alliance with Peronist opposition leader Fernandez earlier this year, said the IMF should see the relationship with Latin America’s No. 3 economy as a long-term journey.

Argentine economists forecast a deeper recession and maintained a pessimistic inflation forecast at a shade under 55% in the latest central bank monthly poll of analysts released on Wednesday, Reuters reported. The prediction follows weeks of political uncertainty and a plunge in the value of the peso after Alberto Fernandez, a Peronist candidate, soundly beat market-friendly incumbent President Mauricio Macri in an August primary election.

Argentina’s creditors holding out hope that they can avoid losses on the country’s bonds are “living in fantasy land”, one big investor said, reflecting tensions over the government’s reorganisation of its massive debt pile, the Financial Times reported. Alberto Fernández, who is expected to win presidential elections later this month, has assured markets that losses on bonds would not be necessary as part of the debt’s “voluntary reprofiling”, as long as creditors give Argentina’s economy time to start growing again.