The larger-than-expected increase in the size of Argentina’s revamped IMF credit line reduces debt rollover risks and is likely to lead to a rally in local markets when they open later today. The central bank’s revamp of its monetary and currency policy should help to bring down inflation. But the key still lies in implementation of the government’s fiscal squeeze, which would be one of the largest undertaken by a country in an IMF deal. The risk of slippage ahead of elections in October 2019 is high.
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