Finance minister Hernan Lorenzino said on Thursday that the international crisis will not affect Argentina and attributed this to the policy of drastically cutting the country’s sovereign debt which now stands at only 40% of GDP.
The 2015 Annual Meetings of the World Bank Group and the International Monetary Fund will take place in Lima, Peru, in October 2015, following a vote by the Boards of Governors of the two institutions.
The International Monetary Fund (IMF) decided it will not release any communiqué regarding Christine Lagarde report over Argentina's statistics, the press department announced. It is expected that the report with the analysis of the Board of Directors will be released on Tuesday.
Managing Director Christine Lagarde of the International Monetary Fund (IMF) showed strong support of the European Central Bank's new framework for intervention in the Euro zone debt crisis, deeming Thursday’s action 'an important step toward strengthening stability and growth.'
Spain will consider seeking extra aid from Europe on top of a 100 billion Euro rescue of its financial sector but does not see any need for new conditions, Prime Minister Mariano Rajoy said in an interview published in European newspapers.
“We’re a free country with dignity and national pride; we are nobody’s employee or subordinate” challenged Argentine president Cristina Fernandez after it was revealed that the US, Spain and Germany at the Inter American Development bank (IDB) had voted against granting the country a loan.
While addressing the nation from the Buenos Aires stock exchange floor, Argentine President Cristina Fernández strongly defended the policy of drastically cutting debts, which guarantees “greater independence”, and of stimulating the economy because only with resources can debts be paid, “the dead don’t pay debts”.
The IMF called on Thursday for a policy game changer in the Euro zone to arrest the spread of the debt crisis it now says is clearly engulfing the entire currency bloc and its smaller neighbours.
Thanks to sound policies and built-in cushions, Brazil’s financial system weathered the global crisis that began in 2008 remarkably well, but now policymakers need to monitor for signs of home-grown financial trouble, the IMF said in its later report.
Argentina is ready to cancel next Friday a bond issue which was handed out to residents with bank deposits victims of the so called “corralito” (paddock) in 2002 when the collapse of the Argentine economy and financial system.