Anti-IMF Stand Forgotten When Cash on the Line: Argentina Credit
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When it comes to getting more dollars, President Cristina Fernandez de Kirchner is more than willing to comply with the International Monetary Fund.
Argentina, which the IMF censured for underreporting inflation less than three months ago after three warnings over the past two years, last week authorized the deposit of $400 million with the Washington-based lender to increase the nation’s access to emergency cash. The move will boost Argentina’s special drawing rights that currently total $3.2 billion and comes as reserves, Fernandez’s main source for bond payments, declined to a six-year low of $39.8 billion.