Argentina's Battle-scarred Creditors Demand Tough IMF Stance

Argentina’s international creditors, scarred by this year’s turbulent debt restructuring, want the new International Monetary Fund programme the country is seeking to come with ultra-rigorous conditions, Reuters reported. Argentina and its provinces restructured $100 billion of debt two months ago, but the country’s bonds have lost nearly 30% since their relaunch as worries about the government’s economic strategy have persisted. On Monday Economy Minister Martin Guzman, who led the restructuring for Latin America’s No. 3 economy, said Argentina would seek an IMF Extended Fund Facility (EFF) to replace the failed $57 billion programme agreed under Mauricio Macri’s government. An EFF is a longer-term programme that typically requires more economic reforms than ‘standby’ IMF agreements. Read more

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