Argentina's Economic Crisis and Default (CRS Report for Congress)
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| Release Date |
Revised June 15, 2020 |
| Report Number |
IF10991 |
| Report Type |
In Focus |
| Authors |
Rebecca M. Nelson |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
Argentina, the world’s 21st largest economy, is facing an
economic crisis. Its currency, the peso, has lost more than
half of its value against the U.S. dollar over the course of
2018. With trouble financing its budget deficit, the
Argentine government in June turned to the International
Monetary Fund (IMF) for a $50 billion program, one of the
largest programs in IMF history. Despite IMF resources and
plans for aggressive austerity measures, the government is
still struggling to restore economic stability. In September,
a staff-level agreement was reached to increase the IMF
program to $57.1 billion.
