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Source: The Wall Street Journal
By: Josh Zumbrun and Ryan Dube
The International Monetary Fund and Argentina reached an agreement for a $50 billion credit line to stem a drop in the value of the Argentine peso and shore up the government of President Mauricio Macri, as he accelerates plans to reduce fiscal deficits.
Mr. Macri sought the IMF’s help four weeks ago, after the peso’s slide threatened Argentina’s ability to pay its debt, much of which was denominated in U.S. dollars. The peso is down more than 25% this year against the dollar.
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