Argentina turns to IMF in last-ditch bid to stave off devaluation

June 12, 2023

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Hector Torres, a senior fellow at the Center for International Governance Innovation and former IMF executive director, was sceptical. “Argentina’s central bank has run out of dollars and the official exchange rate is clearly unsustainable,” he said. “The fund wants to avoid pushing the country into default . . . but I cannot see the fund’s executive board allowing the use of IMF resources to buy pesos on the foreign exchange market.”

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