Argentina is seeking IMF aid after a series of drastic interest rate rises failed to stop the slide in the peso, pushing a country that only recently restored its credibility with investors back towards a financial crisis.
Mauricio Macri, the reform-minded president, announced the approach in a televised address, saying international assistance would enable the government to “avoid a crisis like the ones we have faced before in our history”.
In discussions with Christine Lagarde, IMF managing director, Mr Macri discussed a precautionary credit line Buenos Aires could access to shore up its currency and stabilise debt markets. Bloomberg News reported he was seeking $30bn.
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