IMF Begins Work on Bailout for Argentina, With a U.S. Blessing

The International Monetary Fund moved on Friday to formally begin negotiations on a bailout of Argentina, without any objection from the Trump administration, The Wall Street Journal reported. The crisis in Argentina has prompted the U.S. to once again embrace the type of multilateral and global institutions that have often come under heavy criticism from the Trump White House. IMF Managing Director Christine Lagarde presented the program Friday in Washington to the IMF’s executive board, where the U.S. has a powerful voice, and said afterward that “we fully endorse” the goals of a financial rescue program for Argentina. Such measures rarely advance without U.S. support. Argentina is near the brink of a crisis as the Argentine peso has fallen drastically against the dollar, leaving the nation struggling to manage its dollar-denominated debts. Read more. (Subscription required.)