Two weeks of financial market volatility has seen the peso hit new lows and the central bank increase interest rates up to 40%
ADVERTISEMENTArgentina's decision to ask the IMF for a loan of over 25 billion euros has rocked the South American country,
Two weeks of financial market volatility has seen the peso hit new lows and the central bank increase interest rates up to 40%.
And in the past IMF assistance has come at a heavy price for Argentinians.
"The IMF [International Monetary Fund] is not something that doesn't have a political cost," explains economist Matias Carugati. "It is a bad word in Argentina after the experiences we've had."
Scores of demonstrators gathered outside the Congress in Buenos Aires to protest the decision to request IMF financing.
Many blame the organisation for the deep financial crisis 17 years ago which left one in every five Argentinians without a job. And they fear an IMF loan will only make the situation worse.
"This is not going to solve the problems," said leftwing activist, Alejando Bodart. "Instead, it will create a debt that will be impossible to pay off, and we will see what already happened in the past."
If the IMF lifeline calms markets, President Macri will have re-established ties to the organisation in time for his expected 2019 re-election campaign