Argentina is looking to expand an existing currency swap arrangement with China, as Buenos Aires looks to stabilize the economy one month after applying for financial aid from the International Monetary Fund. In an interview with the Financial Times, Argentina’s Chief of Cabinet Marcos Peña, said “we have an active swap with China that the previous government left us and we will try to make it bigger.” Read full article
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What a difference a few years and a couple of elections can make.Jun 06th, 2018 - 07:18 pm - Link - Report abuse -2
The Macri government is seeking financial aid not just from the IMF, but from the World Bank, the Inter-American Development Bank, the CAF Latin American development bank, private sector lenders and has also developed a new love for financial deals with China--deals that Macri and his allies bitterly criticized when started by the government of Cristina Fernandez de Kirchner.
In 2014, Macri wrote a letter to ambassador Yan Wanming advising his low opinion of the agreements.
The Argentine government conduct may violate the Constitution and be contrary to basic transparency principles of public administration, wrote Macri at the time.
Indeed, for a government whose only governance method appears to be creating a humongous debt, China's yen were too much of a low-hanging fruit that Macri could not let pass.