IMF Argentina Bailout Working About As Well As The Last One

The bank pledged to keep interest rates unchanged at 60 per cent until at least December.

The peso has tumbled more than 50 per cent so far this year, prompting Argentina to seek a US$50 billion financing deal with the International Monetary Fund.

Argentina is crashing back into the kind of financial turmoil that Macri's market-friendly government had supposedly left behind.

Despite the deal with the International Monetary Fund, which had calmed financial markets briefly after it was announced in June, Macri has struggled to convince investors he can restore economic growth while cutting Argentina's budget deficit, reducing inflation and making the $640 billion economy more competitive.

Macri had promised a smooth, gradual fix.

The unfolding crisis in Argentina sent tremors through other emerging markets, already shaken last month by a similar - and ongoing - crash in Turkey.

Decades-old sea mine detonated in Puget Sound, Wash
Shannon said the object had clearly been in the water for some time, maybe even decades, according to Navy officials. Coast Guard drags mine to safe area in Puget Sound to detonate after evacuation nearby marina, homes and businesses.

U.S. Treasury yields fell on Thursday morning after a measure of underlying inflation hit the Federal Reserve's 2 percent target for the third time this year. Brazil's central bank intervened to shore up the real with additional swap auctions.

The Argentine currency has now lost 53 per cent of its value since the beginning of the year, to trade at 39.87 to the dollar.

Argentina has already agreed with the International Monetary Fund to cut its fiscal deficit from 3.7 percent of gross domestic product previous year to 2.7 percent in 2018 and 1.3 percent in 2019.

"I stressed my support for Argentina's policy efforts and our readiness to assist the government in developing its revised policy plans". It was worth around 18 to the dollar at the start of the year.

"The market is saying: 'Just the fact that you are engaging in this conversation makes me very, very nervous, '" Daniel Osorio, president of New York-based consultancy Andean Capital Advisors, said in a telephone interview.

Macri's cabinet chief, Marcos Pena, told reporters on Thursday the government would "find ways to hasten the fiscal tightening process". No details were provided. Argentine President Mauricio Macri said on Wednesday he had requested IMF do so in order to "eliminate any uncertainty that was created before the worsening of the global outlook". "Do they have a few weeks?"

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