The Terms of Argentina's Latest IMF Deal Ensure It Won't Be the Last

The backloading of payments and fiscal consolidation measures in Argentina’s latest agreement with the International Monetary Fund (IMF) will mitigate the immediate risk of political backlash, but it will come at the cost of Buenos Aires likely needing to seek additional negotiations in the future. Argentina and the IMF reached a staff-level agreement on March 3 to restructure the country's $45 billion of debt with the institution. The deal includes a grace period of 4.5 years, implying that the repayment of the debts will span from 2026 until 2034....