A mild IMF agreement that serves a purpose

There will not be a default with the IMF and the agreement seems to be around the corner.  Despite some political noise from the “Campora” and other radicalized sectors of the government coalition, it seems that there will be a program and that the worst possible scenarios will be avoided. However, this will be a sui generis program that will stop short of what Argentina needs to turnaround the large economic imbalances that the country faces. The program is unlikely to make a dent on inflation, on the FX spread, on the country risk nor is likely to significantly increase international reserves or restore investment and growth to desired levels.