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Argentinians protest IMF multi-billion euro loan

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Argentinians protest IMF multi-billion euro loan

Argentinians protest IMF multi-billion euro loan
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Hundreds of Argentinians took to the streets of Buenos Aires to protest against a standby agreement reached with the IMF in June for a three-year, 43 billion euro loan.

IMF head Christine Lagarde is in the capital for a meeting of the G20. .

Protestors claim the deal, which calls for fiscal balance in 2020, is bad for the country.

"This agreement demands a reduction in the fiscal deficit that would imply job losses in the state, a reduction in the budget for education, health, housing, everything related to public works," said Leftist Front deputy, Nicolás del Caño. "This means the crisis generated by the big capitalists wants the general public to pay for things."

Protestors reject the government's argument the IMF deal will prevent the frequent financial crises of the country's past.

"The International Monetary Fund is synonomous with adjustments, dismissals, increasing public tax rates, worsening of the debt, which our protest makes clear," explained Leftist Socialist director, Juan Carlos Giordano. "We want the IMF out of Argentina, the external debt shouldn't have to be paid off anymore, and the money should go to salaries, jobs, health and education."

Lagarde said on Saturday that Argentina was "unequivocally" making progress on its deficit reduction targets agreed as part of the deal.

Meanwhile, President Mauricio Macri said Argentina's economy will return to growth in 2019.