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Argentina: High Hopes on an IMF Program, But the Task Ain’t Easy

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• The Government was successful in lowering the FX spread from a peak of nearly 150% in mid-October to 85% by early November. To do this, it relied on selling dollar bonds at 16-17% yields as well as auctioning dollar-linked instruments to provide devaluation coverage. The gove...

 

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Argentina: High Hopes on an IMF Program, But the Task Ain’t Easy

• The Government was successful in lowering the FX spread from a peak of nearly 150% in mid-October to 85% by early November. To