As the IMF negotiating team arrived in Buenos Aires on February 12, comments from the Argentine government and the central bank led to sharp price movements of the sovereign’s debt – both in hard and local currency. However, while the market’s focus is on the issues surrounding a debt relief agreement that is “sustainable”, there is a surprising lack of debate about the fact that the economy – on its current trajectory – is itself completely unsustainable and headed for a sharp crisis.
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