​Wait and see on the IMF negotiations

ARGENTINA - Report 01 Jun 2018 by Esteban Fernández Medrano

Two years after the new administration took power, the fiscal deficit continues to be large, and the current account deficit has been increasing. In implementing its fight against inflation the Central Bank expanded the stock of LEBACs to a level higher than that of the monetary base. In May, the market pulled back hard at signs of worsening global liquidity, generating the first sizeable run against Argentine debt during the current government. This is being interpreted as the first sign of a loss of confidence in the government's gradualist approach.

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