Argentine President Mauricio Macri, announced today that he has asked the IMF to revise the maturities of its 56 billion dollar debt beginning in 2021. The measure, which would aim to alleviate the current turmoil in the country. foreign exchange market proves the failure of the neoliberal policy adopted in Argentina and defended by the current Brazilian government of Jair Bolsonaro.
This greatly worsens the situation of Macri, who has already lost primary elections to center-left candidate Alberto Fernández – whose deputy is Cristina Kirchner by a difference of 15 percentage points.
Brazilian President Jair Bolsonaro, in turn, is close to Macri. Bolsonaro has even attacked Fernández, confirming even the possibility of Brazil leaving Mercosur Fernández winning. Macri's possible defeat is largely due to the country's current economic situation. Today, Argentina has inflation of 55% and the basic interest rate is 70% per year.
According to Reuters, the rating agency Standard & Poor’s said on Thursday (29.08.2019) "that Argentina’s decision to "unilaterally' extend maturities on its short-term debt constituted a 'default'".
