By Anne Krueger (*) - Argentina's President Mauricio Macri knew that he had inherited a sick economy when he took office in 2015, but failed to take his medicine. As a result, the country now has no choice but to face up to a period of painful structural adjustment.
Argentina's private-sector workers will see their wages topped off by 5,000 pesos (US$ 88) in a one-time non-taxable payment aimed at boosting their buying power amid surging inflation, the Production Ministry said on Monday.
Despite a history of many IMF rescue programs, Argentina once again faces a deepening financial crisis, raising questions about whether the Washington-based lender made a mistake in its dealings with Latin America's third largest economy.
Argentina released April inflation numbers on Wednesday, with the monthly price rise easing to 3.4% - high by international standards, but below market expectations and reversing an acceleration trend that began in January.
The Argentine Peso plummeted 15.6% to a new record on Thursday, and ended trading at 39.87 after having reached almost 42 Pesos to the US dollar in mid afternoon. This follows on the Wednesday which also witnessed the Argentine currency slide 7% to the greenback.
Argentina has much in common with yesterday's emerging markets, but little in common with today's