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Updated December 12th, 2021 at 13:44 IST

Argentines protest against debt deal with IMF

Left leaning political parties and social movements in Argentina protested on Saturday against any kind of future debt restructuring agreement between the country and the International Monetary Fund.

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Left leaning political parties and social movements in Argentina protested on Saturday against any kind of future debt restructuring agreement between the country and the International Monetary Fund.

Thousands marched through the streets of Buenos Aires and arrived at the Plaza de Mayo chanting, "Out, out, fund, out!"

A group of officials from the Argentine Economy Ministry traveled this week to Washington DC to effort a new deal with the global lending institution.

On Friday, the IMF issued a statement saying that "there has been progress in the technical work" between the negotiating parties.

"While further discussions will be necessary, the IMF team and the Argentine authorities remain fully committed to working together on a framework and policies for an IMF-supported programme."

The nation is negotiating an agreement with the IMF to restructure a $45 billion debt contracted in 2018 by then conservative president Mauricio Macri.

His successor Alberto Fernandez feels that a settlement is key to give signals to the markets and balance economic variables.

But protesters out on the streets say the debt is "unpayable"

"It is not about agreeing to postpone payments, because even after delaying, when the moment arrives, it will not be possible to pay. There are no resources and there are urgent needs in Argentina to solve immediately," said Julio Gambina, a member of the Argentine Left Political Movement.

 

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Published December 12th, 2021 at 13:44 IST

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