Argentine Central Bank President Luis Caputo resigned on Tuesday, a day after President Mauricio Macri said a revised aid deal with the International Monetary Fund would require a new approach to monetary policy, Bloomberg News reported. Just three months since moving to the central bank from the nation’s finance ministry, Caputo cited "personal issues" as the reason for his departure. He was immediately replaced by Economy Minister Nicolas Dujovne’s deputy, Guido Sandleris.

Argentine President Mauricio Macri said a revised agreement with the International Monetary Fund will help shore up investor confidence in the nation after a currency rout pushed South America’s second-largest economy into recession, Bloomberg News reported. “We are working with the IMF and we are going to present something that will bring confidence,” Macri said in an interview with Bloomberg TV in New York.

Fifty years of currency crises from Chile to Indonesia signal a bleak outlook for Argentina and President Mauricio Macri -- a deep recession followed by political upheaval. Countries that have seen their currency decline by more than 40 percent in a year have typically suffered economic contractions of more than 6 percent the year after. Argentina’s peso is down 53 percent in the past 12 months, Bloomberg News reported.

Argentina’s economy minister is to present austerity-driven budget measures to congress on Monday as the country tries to shore up support from the IMF and calm investors after a plunge in the value of the peso, the Financial Times reported. Allies of President Mauricio Macri said they were confident the plans would be backed, including by some moderates in the opposition. The president hopes to restore market confidence in his wounded administration after renewed currency volatility. The peso has fallen 20 per cent since late August.

Just days after panic swept through Argentine financial markets, some investors see pockets of opportunity but they also face the difficulty of trading in an environment distinguished by the evaporation of price liquidity, the Financial Times reported. Against this backdrop even small trades can move market prices sharply, making any substantial changes to a portfolio difficult to implement.

Argentines are struggling in crisis in what was once one of the world's most prosperous nations. Consumer prices are soaring, unemployment is high and the Argentine peso has plunged, bringing back haunting memories of the country's economic meltdown in 2001 that pushed millions into poverty, the International New York Times reported on an Associated Press story. A growing number of people arrive at the "Happy Kids" soup kitchen in the Villa 1-11-14 shantytown, where servers try to stretch out steaming pots of stew because many more than expected are lining up for food.

The ingredients of Argentina's ongoing economic and currency crises are painfully familiar: an overvalued peso, gaping twin deficits and a hefty pile of dollar-denominated debt. Cue the IMF, and it's difficult to avoid flashing back to the country's $100bn-plus default in the early 2000s—the biggest in history at the time. But while Argentina's roughly $75bn financing needs for this year and next certainly appear daunting, there's reason to be (cautiously) optimistic that the country will be able to make ends meet this time around, the Financial Times reported in a commentary.

The Canuelas Golf Club is spread out on 178 acres of pristine pampas grassland on the western outskirts of Buenos Aires. Inaugurated in 2014, the club plays host to the Latin American PGA Tour and is the pride and joy of its owner, the corporate titan Aldo Navilli. But the club has now drawn the attention of another set of investors as well: Creditors including ING, Rabobank and the World Bank’s International Finance arm.

When they meet Tuesday to discuss the currency crisis, senior officials from Argentina and the International Monetary Fund will seek a response that strikes a balance between domestic policy changes and external financing aid, a task that has been complicated by political and trust issues, a Bloomberg View reported. While Argentina is almost certain to get some concessions from the IMF, a decisive solution will be far more difficult and will require a lot of courage and skillful risk-taking on both sides.

A currency crisis is driving Argentina deeper into a recession. The peso is down more than 50 percent so far this year, competing in a race-to-the-bottom with the Turkish lira as the worst-performing currency in emerging markets, Bloomberg News reported. An emergency measure by the central bank, hiking interest rates to 60 percent from 45 percent, didn’t stop the peso’s plunge. Nor has selling reserves. Analysts say the lack of a clear, consistent strategy in South America’s second-largest nation is causing investors and the public to lose faith in the government of President Mauricio Macri.