Argentina, the first International Monetary Fund member to be censured for misreporting economic data, would escape sanctions by the lender under a recommendation by Managing Director Christine Lagarde, according to two IMF board officials.
The International Monetary Fund is making progress and has received cooperation from Argentina since the government was accused by the lender of misreporting data on inflation and economic growth, Managing Director Christine Lagarde said.
President Cristina Fernandez de Kirchner failed to secure enough votes to seek a third term in yesterday’s mid-term election, ensuring the end of her rule in 2015 and validating investor optimism a more market-friendly government will emerge. Bonds rallied.
Former Argentine President Nestor Kirchner , who antagonized investors in the aftermath of the country’s $95 billion debt default before handing power to his wife in 2007, died of a heart attack today. He was 60.