Time of courageous decisions to avoid a full-blown crisis

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Time of courageous decisions to avoid a full-blown crisis

July 2022

Batakis takes over the Ministry of the Economy at an extremely difficult time. Reserves are at a critical level, as they just cover less than two weeks of imports, inflation is accelerating, and the parallel exchange rates seem to be out of control.  If we add to these problems a fiscal deficit that far exceeds the targets set with the IMF and severe problems to roll-over the domestic debt, everything points to a perfect storm that can take place at any time.