The International Monetary Fund came to Argentina’s rescue on Thursday with a standby arrangement worth $50bn over three years, far more than envisaged by markets which were expected to welcome the move.
The size of the loan — which was subject to approval from the IMF board — surprised local media which had speculated would be closer to $30bn.
A month ago Argentine President Mauricio Macri said he would seek help from the IMF after a run on the peso. The currency lost almost a fifth of its value in a fortnight as a rally in the US dollar turned up the heat on emerging markets.
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