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Reuters

Analysis-Argentina’s economic crisis whack-a-mole goes into overdrive

Argentina’s economic alarm bells are ringing loudly with fears of a global recession and spiraling inflation stoking investor fears over possible defaults, missed targets with the International Monetary Fund (IMF) and political unrest. The South American country, an important global supplier of soybeans, corn and wheat, has seen its bonds sink to record lows, pressure on its peso currency is rising and a high energy import bill is stopping it building up vital dollar reserves. Domestic inflation meanwhile is heading towards 70% by the end of the year, forcing the central bank to tighten monetary policy hard, risking growth.

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