Argentina and the IMF Agree to Disagree (2023)

Welcome back toForeign Policy’s Latin America Brief.

Welcome back toForeign Policy’s Latin America Brief.

The highlights this week:Debt-strapped Argentina gets unusual flexibility from the IMF ahead of an upcoming election, a U.S. leak suggests the Wagner Group tried to peddle its services inHaiti, and English translations of Brazilian modernist works bring domestic cultural debates to new audiences.

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(Video) Argentina debt: Does IMF offer a path to financial stability? | Counting the Cost

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A More Relaxed IMF?

This week, the International Monetary Fund (IMF) and World Bank are holding their annual spring meetings in Washington. Officials have devoted the gatherings to updating their lending practices to address needs such as climate finance and trying to hammer out emergency deals for crisis-stricken debtor countries, from Sri Lanka to Zambia.

Argentina, the IMF’s largest borrower, is struggling to carry out the policy reforms in its own loan program, and Argentine Economy Minister Sergio Massa arrived in Washington on Thursday to participate in the meetings. A historic drought in the country has caused grain exports to plummet, hampering the government’s pledge to build up its dwindling dollar reserves. Foreign currency reserves are key to the stability of Argentina’s financial system.

Around-100 percent annual inflation is also straining state coffers as Argentina pays out inflation-adjusted pensions and other social benefits. The country’s poverty rate soared to around 39.2 percent in the second half of 2022, and one of Buenos Aires’s two international airports has partially transformed into a homeless shelter.

Massa, meanwhile, has implemented a range of currency controls that run counter to standard IMF advice. The Argentine government has introduced sector-specific peso-to-dollar exchange rates to avoid a currency devaluation, even though the fund opposes such restrictions.

Still, the IMF board last month rated Argentina’s economic policies satisfactory enough to justify another disbursement of loan money. The fund issued a waiver to allows Buenos Aires to continue Massa’s currency controls and lowered its target for foreign currency accumulation.

The IMF “is being less strict than it intended to,” elDiarioAR economics reporter Alejandro Rebossio said. “It doesn’t want to provoke a bigger crisis in Argentina.”

The fund’s less-than-orthodox attitude toward the country reflects a mix of geopolitics, ideological changes among IMF leadership, and Argentine domestic affairs ahead of the country’s October general election, Rebossio and several economic analysts told Foreign Policy.

The United States is the IMF’s largest shareholder. Supporting IMF concessions to Argentina’s left-wing government—presumably to avoid a messy default that could spook foreign investors—is part of the Biden administration’s efforts to draw closer to the country, Rebossio said.

It would not be the first time that geopolitics played a role in the fund’s lending practices. Academic studies over the last two decades have found that IMF loans included more lenient policy requirements on borrower countries that voted with the United States at the United Nations or served as temporary members of the U.N. Security Council. Meanwhile, as China has emerged as a competing lender, scholars have noted that Chinese loans often correlate with cooperation on other fronts, such as dropping diplomatic relations with Taiwan.

(Video) Argentina-IMF deal: Government agrees to restructure $44.5bn debt

Argentina’s deals with the IMF under President Alberto Fernández could also point to changing ideologies at the top of the fund, as its leadership shows openness to relaxing some elements of its traditionally free market doctrine, Rebossio said. Argentina’s current loan with the IMF, which included lower austerity targets than usual when it was designed in 2022, is one example of this newfound flexibility. Whether it will apply to other countries facing climate-related shocks—such as Pakistan—remains to be seen.

Economist Andrés Borenstein of Econviews said Argentina’s domestic politics are also at play. Because the IMF recognizes that compliance with the plan will soon need to be negotiated with a new government, the outgoing government’s efforts to meet its IMF targets amount to “role-playing,” he said. “The only tool the fund could use [to discipline Argentina] would be to say no to the next disbursement of the loan,” but pushing Argentina into default just before a change in government “does not make a lot of sense.”

The economic consequences of Argentina’s poor harvest are expected to worsen throughout this year. Total 2023 sales of the country’s top five grain exports are expected to fall by nearly half of 2022 levels—putting even more upward pressure on inflation. “Massa made [the] 2023 budget with an assumption of 60 percent annual inflation,” economist Martín Kalos of EPyCA Consultores told Foreign Policy. But while the monthly inflation rate had generally fallen between last July and November, it began to rise again starting in December 2022.

Argentina’s rising poverty and inflation rates have not yet yielded widespread social unrest because Fernández’s leftist Peronist movement is in government, Rebossio said. The Peronists are close to unions and other groups that have organized demonstrations in the past.

Primaries in August will determine the presidential candidates for both the Peronists and the center-right Juntos por el Cambio opposition coalition. Massa is thought to be a potential Peronist candidate, though he has not yet declared; nor has the unpopular Fernández. Juntos por el Cambio, for its part, presided over a recession and debt crisis as recently as 2019.

Polls in recent months have identified growing support for a third option: self-declared anarcho-capitalist lawmaker Javier Milei, who pledges to slash state regulations, turbocharge austerity, and dollarize the country.

At present, Milei’s lack of support outside big cities could make victory in October difficult, said political scientist María Celeste Ratto, an analyst for Politico Tech Global. And while Brazil embraced the “anti-system” Jair Bolsonaro in 2018, Argentines on average are more averse to Milei’s anti-feminist positions, she said.

Still, deeper economic strife could change attitudes before October. Argentina’s center-right, while criticizing Massa’s measures, are not fully obstructing them, said Borenstein of EconViews. That may reflect their fear of an economic meltdown that could pave the way for an outsider such as Milei. For now, relative cooperation among the country’s biggest political camps has also apparently helped keep the IMF deal afloat.

Upcoming Events

Friday, April 14: BrazilianPresident Luiz Inácio Lula da Silva concludes a visit to China.

Saturday, April 15: Lula visits the United Arab Emirates.

Friday, April 21, to Wednesday, April 26: Lula visits Portugal and Spain.

Wednesday, April 26:The U.N. Security Council discussesHaiti.

What We’re Following

(Video) Argentina negotiates debt restructure with IMF

Lula in China. After delaying March travel plans due to pneumonia, Lula is wrapping up a state visit to Beijing with a mega-delegation of Brazilian government officials and businesspeople. Brazil and China are poised to sign several agreements on bilateral trade and investment, and in a meeting with Chinese President Xi Jinping, Lula is expected to tout his efforts to try to negotiate an end to Russia’s war in Ukraine.

On Thursday in Shanghai, Lula oversaw the instatement of former Brazilian President Dilma Rousseff as president of the New Development Bank, which is headquartered in the Chinese financial capital. The bank is often called the BRICS Development Bank because of its founding members Brazil, Russia, India, China, and South Africa.

Wagner in Haiti? Copies of apparent U.S. intelligence documents that were posted to social media in recent weeks include a report from the U.S. Drug Enforcement Administration that as of February, representatives of the Wagner Group—a private military contractor close to the Kremlin—planned to travel to Haiti to assess the possibility of selling their services to the government to better control the country’s security crisis.

Wagner mercenaries are active from the Central African Republic to Syria and have been accused of war crimes in Ukraine. A senior Haitian official told the Miami Herald that interim Prime Minister Ariel Henry himself had not held a discussion with a Wagner representative but it was possible that Russian emissaries had been in touch with others in Haiti.

No Wagner involvement in Haiti has been credibly reported until now, longtime Haiti journalist Michael Deibert tweeted this week. “Tempting as his own army of private mercenaries might be, it is hard to imagine that Henry would risk falling afoul of his patrons in the United States and elsewhere in order to have them,” Deibert wrote.

Argentina and the IMF Agree to Disagree (1)

A woman walks by a welcome sign in Yaviza, a town in Panama’s Darién province, on March 9.LUIS ACOSTA/AFP via Getty Images

Migration deal. The United States, Panama, and Colombia agreed to reduce illegal migration around the dangerous Colombia-Panama jungle border area known as the Darién Gap, the three countries said in a joint announcement this week. The authorities said they planned a two-month effort that would also introduce legal pathways for migration.

Panama has repeatedly pressed Colombia to close its border to illegal migration as the number of people moving through the Darién has grown, a Colombian official said in February, but until now Colombia has not given an indication that it would comply. No further details about the deal—and what exact measures the countries plan to take—were immediately reported.

Question of the Week

Which criminal group is thought to control migration routes in the Darién Gap?

(Video) Chronicle of a debt foretold: IMF & Argentina

Law enforcement efforts in the Darién Gap are complicated by the Gulf Clan’s influence in the area, journalist Molly O’Toole tweeted this week. On Wednesday, public defenders’ offices from both Colombia and Panama said publicly that the Gulf Clan is among the criminal groups that control migration routes in the region.

FP’s Most Read This Week

The Real Motivation Behind Iran’s Deal With Saudi Arabia by Saeid Golkar and Kasra Aarabi

Crimea Has Become a Frankenstein’s Monster by Anatol Lieven

Ukraine’s Leopard Tank Crews Are Trained and Ready to Fight by Elisabeth Braw

In Focus: Brazilian Modernism

Argentina and the IMF Agree to Disagree (2)

A woman looks at artwork during a press preview for an exhibit on Brazilian artist Tarsila do Amaral at the Museum of Modern Art in New York on Feb. 6.TIMOTHY A. CLARY/AFP via Getty Images

Two new English translations of Brazilian writer Mário de Andrade’s work are bringing early 20th-century Brazilian modernism to new audiences.

During that time, Brazilian intellectuals strove to cultivate a modernist movement distinct from its European counterpart. They included writers and painters who incorporated Indigenous and Afro-Brazilian imagery and language as well as Brazilian flora and fauna into their work.

In more recent decades, Brazilian scholars as well as Black and Indigenous activists have critiqued the idea of putting Brazilian modernism on a pedestal, precisely because the movement occurred during a period when the mostly white elites in the country enjoyed vast socioeconomic advantages over the Black and Indigenous Brazilians whose culture and imagery they borrowed so freely from.

Outside Brazil, the country’s modernist writers are relatively little known beyond specialized academic circles—mostly due to few English translations of their work. Until this year, only one English translation of Andrade’s magnum opus Macunaíma had been published: a 1984 version that has been panned by Brazilian literature scholars over the years. The novel follows a shape-shifting character as he travels through Brazil, mixing satire with magical realism.

(Video) Argentina's Senators approve deal to refinance IMF debt

A new English translation of Macunaíma published this month aims to be more faithful to the original work and acknowledge contemporary Indigenous critiques of Brazilian modernism, Lucas Iberico Lozada wrote in the New York Times.

Another new translation of Andrade’s work, Flora Thomson-Deveaux’s English version of his diaries from traveling through the Amazon, was also published this month. The compilation of travel notes, titled The Apprentice Tourist, documents Andrade’s growing doubts about Eurocentric ideas.

“There are a lot of very sincere and serious questions” at the heart of Andrade’s work, translator Katrina Dodson told Iberico Lozada. Now more readers can ask them, too.

FAQs

What is the IMF deal with Argentina? ›

The authorities' IMF-supported program provides Argentina with balance of payments and budget support that is linked to the implementation of polices to strengthen public finances, tackle persistent high inflation, improve reserve coverage, and set the basis for sustained and inclusive economic growth.

Why did the IMF not help Argentina? ›

2001 Economic Crisis in Argentina

On December 5th, 2001 the IMF made an announcement that they would no longer provide aid due to Argentina's inability to meet the conditionality set by the IMF to receive loans. President Aldolfo Rodriguez Saá resigned shortly after the announcement of Argentina's default.

What are the arguments against IMF? ›

Opponents of the IMF argue that the loans enable member countries to pursue reckless domestic economic policies knowing that, if needed, the IMF will bail them out. This safety net, critics charge, delays needed reforms and creates long-term dependency.

Did the IMF approve Argentina loan review to disburse $3.8 billion? ›

The IMF's executive board granted a disbursement of about $3.8 billion, which will cover upcoming payments Argentina owes the institution from a previous program that failed to stabilize the economy.

When did Argentina say no to the IMF? ›

BUENOS AIRES, Feb 8 (Reuters) - Thousands of Argentines marched through the streets of Buenos Aires on Tuesday to protest against a likely deal with the International Monetary Fund (IMF) to revamp more than $40 billion of debt the country cannot pay back.

What caused the Argentina debt crisis? ›

Rather, bad economic policies converted an ordinary recession into a depression. Three big tax increases in 2000-2001 discouraged growth, and meddling with the monetary system in mid 2001 created fear of currency devaluation. As a result, confidence in Argentina's government finances evaporated.

Does the IMF help or hurt countries? ›

The IMF provides broad support to low-income countries through policy advice, capacity-building activities, and concessional financial support – meaning it is provided at below-market interest rates. Concessional support through the Poverty Reduction and Growth Trust (PRGT) is currently interest free.

How did Argentina recover from financial crisis? ›

With the devalued Peso, Argentine exports become cheap and more competitive abroad. The high price of soybeans in the international market also brought in a lot of foreign currency. The government encouraged local products and provided accessible credit for businesses.

Is Argentina suffering from economic crisis? ›

Argentina is on the brink of another recession this year as a historic drought comes on top of inflation. Private economists see gross domestic product, or GDP, dropping 3% in 2023.

What is an example of a IMF failure? ›

The IMF fails to enforce the requirements it imposes.

For example, Peru entered into 17 different arrangements with the IMF between 1971 and 1977, and continues to receive money from the IMF today. During the same period, Peru failed to meet the conditions for most of these agreements.

What was the conclusion of the IMF? ›

At the conclusion of the IMF mission, Mr. Loko issued the following statement: "Economic activity has rebounded, with growth expected to reach 3.4 percent this year, compared with 0.8 percent in 2018, mainly due to good performance in the oil, mining and timber sectors.

Is the IMF biased against developing countries? ›

It is now well known that policymaking in the IMF is heavily biased by the political and economic interests of a subset of member states, particularly the United States and several major Western European countries. Consequently, we may think of the IMF as a biased global insurance mechanism.

Which country owes IMF the most? ›

Outstanding debt balance by country as of September 6 2022 and March 31 2023
  • Argentina is the biggest debtor to the IMF, with a total outstanding debt of $46bn. ...
  • Egypt is the second-largest debtor by amount, with an outstanding balance of $18bn.
Apr 28, 2023

Has the IMF ever been successful? ›

Over the years, the IMF has helped countries move through many different challenging economic situations. The organization is also continuing to evolve and adapt to the ever-changing world economy.

Do countries have to pay back IMF loans? ›

After its Executive Board approves a loan, the IMF monitors how members implement the policy actions underpinning it. A country's return to economic and financial health ensures that IMF funds are repaid so that they can be made available to other member countries.

When was Argentina the richest country in the world? ›

Before the Great Depression in 1930, Argentina stood among the world's 10 richest nations per capita.

Does Argentina have the right to be forgotten? ›

The ruling recognized a supposed right to block access to lawful content, assuming that the mere passage of time led to a loss of interest in accessing it or because it may cause discomfort.

Why did Argentina peg its currency to the dollar? ›

The Convertibility plan was a plan by the Argentine Currency Board that pegged the Argentine peso to the U.S. dollar between 1991 and 2002 in an attempt to eliminate hyperinflation and stimulate economic growth.

How big is Argentina's debt? ›

In the latest reports, Argentina National Government Debt reached 396.6 USD bn in Dec 2022. The country's Nominal GDP reached 156.4 USD bn in Dec 2022.
...
Buy Selected Data.
country/regionLast
Argentina (%)79.3 Dec 2022
Armenia (%)50.5 Sep 2022
Australia (%)47.7 2021
Austria (%)81.3 Sep 2022
96 more rows

How much money is Argentina in debt? ›

The national debt of Argentina was forecast to continuously increase between 2023 and 2028 by in total 2,783 billion U.S. dollars (+475.47 percent). The national debt is estimated to amount to 3.4 trillion U.S. dollars in 2028.

How did Argentina solve hyperinflation? ›

In 1985, in order to curb hyperinflation, the Argentinian currency, the peso, was replaced by the « austral », 1 austral being worth 1,000 pesos.

Where does IMF get money from? ›

The IMF's resources mainly come from the money that countries pay as their capital subscription (quotas) when they become members. Each member of the IMF is assigned a quota, based broadly on its relative position in the world economy. Countries can then borrow from this pool when they fall into financial difficulty.

Does the US benefit from IMF? ›

The IMF plays a crucial role in supporting both fundamental US objectives. When a member country asks the IMF for help to respond to a crisis, the Fund produces two things: financial assistance and policy requirements.

Who does the IMF benefit? ›

The International Monetary Fund (IMF) works to achieve sustainable growth and prosperity for all of its 190 member countries. It does so by supporting economic policies that promote financial stability and monetary cooperation, which are essential to increase productivity, job creation, and economic well-being.

How can Argentina improve their economy? ›

The report finds that expanding investments in the water, agriculture and energy sectors are a priority to reduce the country's vulnerability to climate change and increase economic growth. Annual GDP could increase by 2.7 percent by 2030 if investments in water infrastructure are made.

Is Argentina's economy good? ›

With a Gross Domestic Product (GDP) of approximately US$610 billion, Argentina is one of the largest economies in Latin America. Argentina has vast natural resources in energy and agriculture.

How much foreign debt does Argentina have? ›

Argentina External Debt accounted for 44.8 % of the country's Nominal GDP in 2022, compared with the ratio of 56.6 % in the previous year.
...
Buy Selected Data.
country/regionLast
External Debt: % of GDP (%)44.8 2022
External Debt: Short Term (USD mn)86,873.7 Dec 2022
28 more rows

How poor is Argentina as a country? ›

Poverty increased to 39.2% of the population in the second half of 2022, a three percentage point increase from the first six months of the year, said Argentina's national statistics agency, INDEC. Among children under age 15, the poverty rate increased more than three percentage points to 54.2%.

What is the money problem in Argentina? ›

2022 saw Argentina's prices soar by 95 percent; while many countries struggled with inflation due to supply chain issues and the war in Ukraine, Argentina's struggles are long-standing due to its history of economic mismanagement.

Is Argentina suffering from inflation? ›

BUENOS AIRES, April 14 (Reuters) - Argentina's annual inflation rate soared to 104.3% in March, the official statistics agency said on Friday, one of the highest rates in the world, straining people's wallets and stoking a cost-of-living crisis that has pushed up poverty.

What happens if a country can't pay back the IMF? ›

The International Monetary Fund (IMF) defines default as a breach of contract or broken promise. The most immediate impact of sovereign default is that borrowing cost rises for the government in the domestic and international bond market.

What are the major issues of the IMF? ›

From COVID-19 and climate change to digitalization and diverging demographics, the IMF's member countries are confronting new challenges. The impacts of these challenges are being felt unevenly across countries and will inevitably play out in their balance of payments, potentially undermining global economic stability.

How did the IMF crisis happen? ›

Background of the Crisis

Overdependence to short-term borrowings abroad; Illiquidity suffered by local finance companies as a result of asset-liability mismatch; Concerted attacks against ill-managed Asian countries staged by speculative hedge fund operators.

Why the IMF is a good thing? ›

Key Takeaways. The International Monetary Fund (IMF) is an international organization that represents 190 member countries. It seeks to promote economic growth and financial stability and plays a key role in helping turn around struggling economies.

What is the IMF purpose today? ›

The IMF is an organization of 189 member countries that works to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

Where did the IMF succeed? ›

How Tunisia, Morocco, Jordan and Even Egypt Became IMF “Success Stories” in the 1990s. Just as European missionaries were the spiritual handmaidens of nineteenth-century colonialism, so has the International Monetary Fund (IMF) assumed a modern-day mission in support of world trade, finance and investment.

What is the dark side of the IMF? ›

Over time, the IMF has been subject to a range of criticisms, generally focused on the conditions of its loans. The IMF has also been criticised for its lack of accountability and willingness to lend to countries with bad human rights records.

Does IMF increase poverty? ›

Conversely, other scholarship finds that when countries participate in IMF arrangements, poverty increases and income distribution worsens (Easterly 2003; Forster et al.

Is IMF reliable? ›

Generally speaking, forecasts in the World Economic Outlook, published twice annually by IMF staff, have turned out to be fairly accurate, within a percentage point of what actually happens. The big exception: the two to three years leading up to and during economic downturns.

Who does the US owe money? ›

As of January 2023, the five countries owning the most US debt are Japan ($1.1 trillion), China ($859 billion), the United Kingdom ($668 billion), Belgium ($331 billion), and Luxembourg ($318 billion).

How much of the IMF does the US own? ›

The United States contributes $117 billion to the IMF quota (17.46%). In addition, the United States has contributed $44 billion to funds at the IMF that supplement quota resources. As of February 11, 2022, the IMF had total lending commitments around $239.2 billion.

What country has no debt? ›

The 20 countries with the lowest national debt in 2021 in relation to gross domestic product (GDP)
CharacteristicNational debt in relation to GDP
Macao SAR0%
Hong Kong SAR2.13%
Brunei Darussalam2.51%
Tuvalu6.02%
9 more rows
Feb 15, 2023

Does the US dominate the IMF? ›

With over a 16 percent voting share, the United States is by far the largest single voting bloc. Many major decisions by the IMF require supermajorities of either 85 percent or 70 percent of its membership.

What happens when a country goes to IMF? ›

When a country borrows from the IMF, the government agrees to adjust its economic policies to overcome the problems that led it to seek financial assistance. These policy adjustments are conditions for IMF loans and help to ensure that the country adopts strong and effective policies.

Which country is fastest growing by IMF? ›

IMF on Tuesday lowered its growth projection for 2023-24 to 5.9 per cent from 6.1 per cent earlier but despite a significant drop, India continues to be the fastest-growing economy in the world, the World Economic Outlook figures revealed.

Who controls the World Bank? ›

The organizations that make up the World Bank Group are owned by the governments of member nations, which have the ultimate decision-making power within the organizations on all matters, including policy, financial or membership issues.

What happens if a country doesn't pay its foreign debt? ›

Trade Embargo. Foreign creditors are often influential in their home country. Hence after default, they convince their countries to impose trade embargos on the defaulting nations. These embargos block the inflow and outflow of essential commodities into a nation thereby choking its economy.

What is the controversy with the IMF? ›

The impact of IMF loans has been widely debated. Opponents of the IMF argue that the loans enable member countries to pursue reckless domestic economic policies knowing that, if needed, the IMF will bail them out. This safety net, critics charge, delays needed reforms and creates long-term dependency.

How many loans has the IMF given Argentina? ›

WHY DID ARGENTINA NEED THIS DEAL? Argentina, which has had 22 huge bailouts from the IMF, agreed to a record $57 billion program in 2018 under then-President Mauricio Macri.

What do countries do with IMF loans? ›

When a country borrows from the IMF, the government agrees to adjust its economic policies to overcome the problems that led it to seek financial assistance. These policy adjustments are conditions for IMF loans and help to ensure that the country adopts strong and effective policies.

How much debt is the country of Argentina in? ›

RelatedLastReference
Imports6782.00Mar 2023
Exports5723.00Mar 2023
External Debt276693.92Dec 2022
Terms of Trade144.80Mar 2023
4 more rows

Which country owes the most to the IMF? ›

Outstanding debt balance by country as of September 6 2022 and March 31 2023
  • Argentina is the biggest debtor to the IMF, with a total outstanding debt of $46bn. ...
  • Egypt is the second-largest debtor by amount, with an outstanding balance of $18bn.
Apr 28, 2023

Has Argentina ever defaulted on its debt? ›

Argentine financial crisis

Around 1998 to 2002, Argentina's economy went into severe recession. On December 26, 2001, Argentina defaulted on a total of US$93 billion of its external debt; of around $81.8 billion in bonds that were defaulted, 51% were issued during this three-year period.

Which country borrow the most money? ›

United States. The United States boasts both the world's biggest national debt in terms of dollar amount and its largest economy, which resolves to a debt-to GDP ratio of approximately 128.13%.

What is causing Argentina inflation? ›

Nearly 40% of Argentines now live in poverty. Successive governments, both left and right, have failed at economic policies and, in the end, resort to printing more money, which leads to higher inflation.

Is IMF good for a country? ›

The IMF provides broad support to low-income countries through policy advice, capacity-building activities, and concessional financial support – meaning it is provided at below-market interest rates. Concessional support through the Poverty Reduction and Growth Trust (PRGT) is currently interest free.

What country is the US most in debt to? ›

However, this has declined over time, and as of 2022 they controlled approximately 25% of foreign-owned debt. As of January 2023, the five countries owning the most US debt are Japan ($1.1 trillion), China ($859 billion), the United Kingdom ($668 billion), Belgium ($331 billion), and Luxembourg ($318 billion).

Was Argentina once the richest country in the world? ›

First, we discuss why the case of Argentina is generally regarded as exceptional: the country was among the richest in the world at the beginning of the 20th century, but it gradually lost this place of privilege.

Is Argentina one of the richest country? ›

The World Bank classifies Argentina as a high-income nation. The country's economy is driven by manufacturing, agricultural exports, natural resources and the services industry, which includes a thriving tourism industry.

Videos

1. When ARGENTINA said NO to the IMF: the WORST CRISIS of the Gaucho Economy - VisualPolitik EN
(VisualPolitik EN)
2. Martin Guzman: Argentina vs IMF? | Talk to Al Jazeera
(Al Jazeera English)
3. IMF agrees to extend $50 billion loan to Argentina
(FRANCE 24 English)
4. The Economic Crisis in Argentina | Explained
(The Duomo Initiative)
5. ARGENTINA WTF is Going On? Inflation Hits104%, Peso Crashing & Faces Devaluation & IMF Deal Stalls
(Joe Blogs)
6. What Lies Ahead as Argentina Navigates a Multifaceted Political and Economic Crisis?
(Center for Strategic & International Studies)

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