Humano’s decision comes just weeks after a somber Macri announced in a televised May 8 speech that Argentina would start talks with the IMF. The unexpected move surprised investors and stoked Argentines' fears of a repeat of the nation’s devastating 2001-2002 economic collapse. The central bank sold $10 billion in reserves trying to prop up the peso, forcing Macri to seek assistance from the IMF. Macri, meanwhile, has defended his quick outreach to the IMF as a way to head off a crisis like those of the past. But the government froze these instruments during the 2001-2002 crisis, forcing millions of savers to accept devalued pesos instead.

Source: New Strait Times May 24, 2018 05:15 UTC