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Economy Minister Says IMF Requested 100% Peso Devaluation

ARGENTINA
  • Economy Minister and presidential candidate Sergio Massa said Wednesday night that staff from the IMF sought a peso devaluation of as much as 100% in order to reach an agreement last month.
    • IMF staff later asked the government to devalue the peso 60% and both sides eventually agreed on 20%, Massa said in an interview with TN.
    • Asked repeatedly, Massa committed to remaining as economy minister until the end of the government’s term on Dec. 10.
  • Presidential frontrunner Javier Milei declared his intentions to freeze relations with China and pull South America’s second-biggest economy out of the Mercosur trade bloc with Brazil, foreign policy proposals that are as radical as his economics. Milei doubled down on his plans for dollarization of the Argentine economy and his intention to shut down the central bank.

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