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In early July, I expressed serious doubts that #IMF SBA program in Argentina is going to stay on track for long. The program, I argued, 'assumes that fiscal & monetary tightening will restore investor confidence, but ignores the tightening of global liquidity conditions'.
here we are, six weeks later, and #IMF announces that it will revise the terms of its SBA with Argentina ' In consideration of the more adverse international market conditions, which had not been fully anticipated in the original program'…
I also said in my interview with @pagina12 that I expected
1. Argentina to renegotiate terms of IMF agreement ✔️
2. New agreement to ask for more monetary & fiscal austerity (Lagarde's 'strong' policies) ✔️
3. The new agreement to test limits of socially acceptable✔️
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