Argentina: Agreement Still Far Away, Busy Summer

The International Monetary Fund mission left Argentina last weekend. The official statement published on Friday by the Washington-based organization suggests that an agreement between the two parties is still distant. In its very particular language, it states that guidelines for a program were discussed, a clearly ciphered message indicating that the substance of an agreement is not near. Our vision is that an initial agreement on how and when to eliminate the primary deficit is missing. Also, it is not clear that there is an agreed path for exchange rate policy. The FX spread is unsustainab