As mentioned in the article, the $18 billion+ yearly IMF payments Macri left Argentina to face are simply unaffordable.
The country will at most be able to earn $10 billion annually in trade surpluses, and with no other source of dollars (having been cut off from credit markets for 3 years now) the foreign exchange needed to meet those payments - besides the bondholders' - just isn't there.
Yes, the IMF would have to bend its rules to convert the Stand-By (4-year) loan into an Extended Facility (10-year) loan) - but isn't that what they did when they gave Macri that record credit line to begin with?
And just to placate Señor Trump! (who demanded they do so)
Goes to show that Trump (or Macri), and debts, mix like oil and water: they leave a mess.
Thanks again for your insights and good energy. Always appreciated.
Have a great weekend. 
Edit history
= new reply since forum marked as read
