Argentina wins Paris Club talks without IMF

29 November 2010

In mid November, Argentina got the green light from the Paris Club, a group of rich country lenders, to negotiate repayment of about $7.5 billion in defaulted debt without IMF oversight. Argentina has been unable to borrow on financial markets since its default on nearly $100 billion in 2001, for which it blames IMF-prescribed policies (see Update 60, 32, 31, 29). Economy minister Amado Boudou welcomed the decision, saying “we know what happens when the IMF sticks its nose in.” President Christina Fernández said the decision meant, “God willing, next year we can definitively emerge from default.”