With Fed Chair Jay Powell implying that ’emerging markets are on their own’, it appears the collapse of Argentina’s currency has sent them running into the arms of The IMF to secure a bailout.
Bloomberg reports that Argentina is said to have negotiate a $30 billion credit line with The IMF. This report follows Argentine President Macri addressing the nation noting that “market conditions are more difficult” and that Argentina “is one of the world’s countries that most depends on debt” (rather like America).
The Peso is rebounding from its earlier crash on the headlines…
Argentina’s 100-Year bonds however are taking it on the chin…
As a reminder, back in March, the Argentine government rebuffed an investor proposal that it should request a flexible credit line from the International Monetary Fund to shore up the nation’s finances, according to three people with direct knowledge of the matter.
How times have changed.
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