As expected, the Fund's Board of Directors approved the review of Argentina's program, although it made it clear that Massa failed to meet all goals. The IMF applauds the fiscal effort promised by...
Argentina's Economic Outlook 3Q 2014
Quarterly Reports |
Back to
Back to :
Argentina's Economic Outlook 3Q 2014
Third quarter
2014
Two months after Argentina entered into an 'exotic” default, there are already some concrete consequences: Central Bank reserves started to fall again and tensions on the exchange rate front are rising.
Fábrega resigned to Central Bank presidency and was replaced by Vanoli, who is closer to Kicillof than to Fábrega’s thinking. The main risks going forward are that the currency could become more overvalued in real terms, a situation which will force a tightening of foreign exchange and import controls, and would lead to an increase in the spread between the blue and the official exchange rates.