The IMF reached a staff-level agreement Thursday to offer Argentina, which requested aid last month when its currency hit an all-time low, a $50 billion loan as part of a three-year standby program. The credit line seeks to rein in soaring twin deficits in the country and prop up the Argentine peso.
Say goodbye to Argentina and hello to austerity. Oh well. Taking money from the IMF is the kiss of death to any country.