Argentina's President-elect Fernandez faces full in-tray of economic woes by ElianaRas
BUENOS AIRES - Alberto Fernández already has a full in-tray of economic woes to solve when he takes office in December. The country is grappling with recession, the peso is being caged by currency controls and a pile of debt repayments looms ominously on the horizon.
“Now the campaign is over, Alberto Fernandez is going to need to start fixing the economy,” said Mariano Sardans, executive president of wealth manager FDI in Buenos Aires, adding the president elect’s comments would be key for markets.has devalued around 85%, which stoked inflation, running at an annual rate of more than 50%.
The black market trade of dollars has also separated sharply from the official rate, creating dual markets as people look for other channels and lose faith in the formal price. Argentina struck a $57 billion financing deal with the International Monetary Fund in 2018, pledging to reach a primary fiscal balance in 2019 and a surplus of 1% of GDP in 2020.
A Deutsche Bank report last month showed debt repayments rising to $26.5 billion next year, adding the “liquidity situation suggests to us that a debt default in 2020 will be very hard to avoid.”
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