Political Risk Latin America Blog @PolRiskLatam

Argentina: goodbye, Néstor; hello, IMF

Posted in News and Articles, Political Risk by politicalrisklatam on December 6, 2010

by Jude Webber for Financial Times – Beyond Brics, December 6th, 2010.

What Argentina would really like for Christmas is for all the fuss about its discredited inflation figures simply to go away, for the IMF to leave it alone, and for western creditor countries to agree to their debts being repaid in no particular hurry.

That looks as unlikely as a white Christmas in Buenos Aires. So the government took the surprise step last month of inviting the IMF to help it devise a nationwide inflation index – a move widely seen as a way of deflecting the focus from the current index, which even officials privately acknowledge is distorted. The IMF team arrives on Wednesday for what will be Argentina’s first dealings with the lender for almost five years.

In January 2006, the late former president, Néstor Kirchner, paid up Argentina’s dues and thundered there was “no way in hell” the country would return to an institution widely blamed by locals for prescribing policies that led to its ruinous default in 2001. (continue reading… )

 

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