IMF Managing Director Kristalina Georgieva and Argentina presidential candidates Sergio Massa, Patricia Bullrich and Javier Milei
Photographer: Chris J. Ratcliffe, Ton Molina, Maria Amasanti, Erica Canepa/BloombergThe IMF’s $43 Billion Argentina Problem Is About to Get Worse
Great-power politics helped keep IMF credit flowing to its top borrower. But with the economy in crisis on the eve of elections, that may not last
Economics says it’s way past time for the International Monetary Fund to pull the plug on Argentina. Geopolitics helps explain why it hasn’t — yet.
Over the past five years, the Fund has lent $43 billion in repeated bailouts for the Latin American nation — multiples more cash than anyone else has gotten — with dismal results.