IMF chief Christine Lagarde said talks will begin soon on ways to shore up Argentina's economy. "We are pursuing the only path open to us to emerge from stagnation, seeking to avoid a great economic crisis that will set us back and hurt everyone," he said. The loans at the time were needed after the country suffered an economic crisis in 2001 that sparked the downfall of four presidents and default on $100 billion in foreign debt. - Prevent a crisis -Macri justified the decision to go to the IMF, saying that while the economy had enjoyed favorable conditions during the first two years of his presidency, conditions have changed. IMF financing would strengthen his "program of growth and development, giving us greater backing to confront this new global scenario and avoid a crisis like those we have had in our history."

Source: Bangkok Post May 08, 2018 19:18 UTC