Why Argentina, IMF Are Wrestling Over Bad Debt, Again

The fact that Argentina is in talks with the International Monetary Fund for emergency aid to stave off default might not sound surprising — if agreed, this would be the 22nd IMF loan for South America’s second largest economy in seven decades. What’s unusual is the size of the IMF package being renegotiated, the speed at which it went sour and the complications posed by the pandemic, which hammered an already staggering economy. More familiar is the clash between a left-leaning government that wants more freedom to spend and IMF officials pushing for budget cuts. The stakes are high for Argentina, as its foreign reserves dwindle and a March deadline for a repayment approaches. They’re also high for the IMF, which has sunk a bigger share of its resources into a single country than ever before.  


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