Argentina's Macri 'Gives Up', Returns To Kirchner-Era Peso Policy

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Argentina's Macri 'Gives Up', Returns To Kirchner-Era Peso Policy
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Close Argentina watchers called it: Mauricio Macri will no longer be president of the perennial crisis-wracked nation

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Just two months left in his first term, Macri has ultimately ceded defeat this weekend. He reinstated the very currency control mechanisms used by his predecessor Cristina Kirchner.If Macri's progress can be measured in single steps each year in office, he has gone four steps forward and four steps backward in his tenure.

For example, Argentina commodity exporters have to hold product domestically for a period of up to two weeks before receiving permission to sell abroad. The IMF said Monday morning that it will stand by Argentina's currency controls. This could give the market some reprieve in the short-term, as desperate, foreign Argentina bond holders are hoping the IMF issues its $5.4 billion loan later this month. If that tranche is put on hold, it would signal to the market that the IMF is certain they've thrown money into a fire pit. Bond prices would sell into deep discount, distressed asset territory.

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