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Argentina’s Crisis Gets Kicked Down the Road, but at What Cost?

by Wolf Richter
Wolf Street

The peso drops again, inflation surges, nothing is fixed.

Argentina was able to refinance about $26 billion in maturing peso-denominated short-term government debt, called Lebacs, but at a huge cost, after asking the IMF for a bailout loan – a “high access stand-by arrangement” that will come with creditor-imposed conditions – and after wild gyrations by the central bank that included blowing billions of scarce dollars to prop up the peso at dismally low levels, and jacking up interest rates three times to 40%.

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