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At that time, Argentine authorities looked to the IMF in desperation. It wasn’t the very first time: Argentina looked to the IMF in 2000 whenever, after 36 months of recession, it had been struggling to program its massive debt. The IMF conditioned its loans on financial investing cuts, accelerating Argentina’s downturn in the economy and making the huge December 2001 crisis that then followed unavoidable.
Not much changed at the IMF when you look at the 18 years since Argentina’s experience that is last. In mid-June 2018, Argentina had finalized a three-year stand-by agreement for $50 billion, the biggest loan when you look at the IMF’s history. Continue reading