# data[].attributes.body
In picture four we can see Dujovne going to Washington to negotiate a rescue of the IMF, it is important because it adds to the second photo, where Macri was the one who occupied that place.

# data[].attributes.body
Image number three makes reference (by means of characters from the Simpson cartoons), to how in these last days the dollar beat the Argentine peso, devaluing it.

# data[].attributes.body
Image number two refers to the encounter between Macri and Cristine Lagarde just before asking for a loan of 50 billion.

# data[].attributes.body
The image that accompanies the subject and the news article number one, is with respect to the fall that the peso has had lately and how day by day it loses its value in Argentina against the US dollar.

# data[].attributes.headline
Argentina Peso crisis: Government could close 10 ministries in effort to stabilize currency

# data[].attributes.subject
Argentina Peso crisis: Government could close 10 ministries in effort to stabilize currency

# data[].attributes.body
Those were the most difficult days since Mauricio Macri took over. The Argentine government has begun to implement austerity measures to reduce the fiscal deficit. Taxes were once again imposed on grain exports and it was announced that ministries were being reduced, among other measures. There is a lot of skepticism about what this is going to achieve. The US dollar continues to rise. When the crisis began in May, Argentina was forced to resort to the IMF, the president hoped that this would be enough to avoid devaluation, but that did not happen. The Minister of Economy is traveling again to Washington to renegotiate with the IMF how to continue with the situation. The hard part is for the population, those workers who are negotiating their salaries and those on the streets who struggle every day to make ends meet.

# data[].attributes.attachment_link.title
Argentina Peso crisis: Government could close 10 ministries in effort to stabilise pcurrency

# data[].attributes.headline
What is devaluation? What does devaluation mean? Devaluation meaning, definition & explanation

# data[].attributes.subject
What is devaluation? What does devaluation mean? Devaluation meaning, definition & explanation

# data[].attributes.body
Devaluation means official lowering of the value of  a country's currency  within  a fixed  exchange rate  system by which the  monetary authority  formally sets a new  fixed rate with respect  to a foreign  reference currency  In contrast, depreciation is used to describe a  decrease  in a currencies value relative  to  other major currency benchmarks, due to market forces, not government or  central  bank  policy actions. Under the   second system central banks maintain the rates up or down by buying or selling foreign currency. Inflation on the other hand refers to the value of the currency in goods and services related to its purchasing power, altering the face value   of a currency without reducing its   exchange rate.

# data[].attributes.attachment_link.title
What is DEVALUATION? What does DEVALUATION mean? DEVALUATION meaning, definition & explanation

# data[].attributes.headline
What is The International Monetary Fund?

# data[].attributes.subject
What is The International Monetary Fund?

# data[].attributes.body
The IMF is an organization designed to assist countries in financial trouble. The IMF plays three major roles in the global monetary system. The fund surveys and monitors economic and financial developments, lends funds to countries with balance and payment difficulties and provides technical assistance and training for countries requesting it. The IMF also plays an important role in the fight against money laundering and terrorism.

# data[].attributes.attachment_link.title
What is The International Monetary Fund (IMF) ?

# data[].attributes.body
The financial system is composed of institutions and markets, its job is to act as an intermediary between those who have money and those who have capital. It is responsible for allocating capital in the world. Businesses and governments need more money than they have. Shares investors transfer money indirectly to banks that take deposits and other loans for those who ever need money. When a company sells shares, it obtains capital for its activities and, in exchange, grants investors a share in its property.

# data[].attributes.headline
Argentina will outline cuts aimed at stabilizing the peso.

# data[].attributes.subject
Argentina will outline cuts aimed at stabilizing the peso.

# data[].attributes.body
Mauricio Macri is committed to addressing the country's growing debt, it is likely that about 10 government ministries will be eliminated as a result.
The government said the measure was necessary to reassure international investors, the decline in agricultural exports, higher energy prices and a stronger dollar caused many to withdraw funds from the country.
Despite inflation, the IMF said it expects the economy to stabilize by the end of the year and The gradual recovery to begin in 2019.

Mauricio Macri se ha comprometido a abordar la creciente deuda del país, es probable que se eliminen alrededor de 10 ministerios gubernamentales como resultado.
El gobierno dijo que la medida era necesaria para tranquilizar a los inversionistas internacionales, la disminución en las exportaciones agrícolas, los mayores precios de la energía y un dólar más fuerte provocaron que muchos retiraran fondos del país.
A pesar de la inflación, el FMI dijo que espera que la economía se estabilice hacia fines de año y que la recuperación gradual comience en 2019.

# data[].attributes.attachment_link.readable_text
Argentina has announced austerity measures in a bid to tackle the "emergency" created by the country's currency crisis.

In a televised address, President Mauricio Macri said Argentina could not keep spending more than it earned.

Taxes on exports of some grains and other products will rise and "about half" of the nation's government ministries will be abolished.

The government has not said which ministries will be closed or merged.

Argentina is the biggest exporter of soy meal and soy oil and is also a big producer of corn, wheat and raw soybeans.

From 1 January, those primary exports will be taxed four pesos for every dollar in value. Processed products will be taxed three pesos for every dollar in value.
Analysis: Daniel Gallas, South America business correspondent
Mauricio Macri is doubling down on his promise to reform the economy.

His government has announced it will go far beyond its targets set with the IMF back in May. By next year, Argentina says it will have its budget balanced, so that it spends exactly as much as it earns before interest payments (previously its target was of a deficit of 1.3% of its GDP). By 2020, it hopes to produce a 1% surplus in its budget.

The main announcement was the reinstatement of a tax on exports. On television, Mr Macri renewed his commitment to carry out reforms, but acknowledged the government's own mistakes. He suggested his gradualist approach against inflation had failed and that reality showed "we must move a lot faster".

Also the cabinet will be reshuffled, with more than half of ministry jobs being axed.

Markets may enjoy some of these announcements, but it will also create political tensions, as Mr Macri will need to fire politicians who are crucial allies to get his reforms approved in Congress. The success of these policies will be tested in the coming days by markets, by the IMF and by the people in the streets.

The finance minister, Nicolas Dujovne, announced measures to cut the country's budget deficit next year in a bid to stop the slide in the peso.

The government hopes to reduce the deficit to zero by 2019.

Edward Glossop, Latin America economist at Capital Economics, said the measures "ultimately fell short of expectations".

He criticised the decision to reinstate export taxes, calling it "a hark back to more interventionist policymaking" as practised by Mr Macri's predecessor, Cristina Fernandez de Kirchner.

"It unwinds President Macri's decision to cut agricultural taxes on his first day in office back in December 2015 and liberalise export and import markets. Raising export taxes is against what President Macri stands for," he added.

Argentina's currency has lost about half its value this year against the US dollar, despite the central bank raising interest rates to 60%.

Mr Dujovne will travel to Washington on Tuesday to meet the head of the International Monetary Fund (IMF), Christine Lagarde.

Why confidence in Argentina's economy is dwindling

In June, Argentina was forced to secure a $50bn loan from the IMF - an organisation still widely loathed in the country, for its perceived role in the country's 2001 economic crisis.

The government said the move was necessary to reassure international investors, after a decrease in farm exports, higher energy prices and a stronger dollar had prompted many to pull funds from the country.

A sudden weakening of the peso followed.

Mr Dujovne's goal is to finalise a deal that would quicken IMF payments to Argentina.

The IMF has asked the country to tackle its large fiscal deficit - a goal usually achieved by reducing government spending.

Argentina has been plagued by economic issues for years, and Mr Macri, who was elected three years ago, pledged to reverse years of protectionism under Ms Fernandez.

Her government, which was in power from 2007 until 2015, nationalised companies and heavily subsidised many everyday goods and services, ranging from utilities to football transmissions on television.

Despite rampant inflation, the IMF said last month it expects Argentina's economy to stabilise by the end of the year and a gradual recovery to begin in 2019.

# data[].attributes.attachment_link.description
Argentina has announced austerity measures in a bid to tackle the "emergency" created by the country's currency crisis. In a televised address, President Mauricio Macri said Argentina could not keep spending more than it earned. Taxes on exports of some grains and other products will rise and "about half" of the nation's government ministries will be abolished.

# data[].attributes.headline
The Central Bank of Argentina increases the rates to 60% as the currency collapses.

# data[].attributes.subject
The Central Bank of Argentina increases the rates to 60% as the currency collapses.

# data[].attributes.body
Argentina is struggling to cope with yet another financial crisis.
Investors are increasingly concerned Latin America's third-largest economy could soon default as it struggles to repay heavy government borrowing.
The Argentine peso crashed to record lows on the news. It saw steep losses in the previous session and collapsed another 15 percent to hit 39 pesos against the U.S. dollar on Thursday morning.
Some analysts have criticized the decision to speed up the IMF bailout, saying it smacks of desperation.

Argentina está luchando para hacer frente a otra crisis financiera.
Los inversores están cada vez más preocupados de que la tercera economía más grande de América Latina pronto podría caer en mora mientras lucha para pagar los fuertes préstamos del gobierno.
El peso argentino se estrelló a un mínimo record en las noticias. Vio fuertes pérdidas en la sesión anterior y colapsó otro 15 por ciento para alcanzar 39 pesos frente al dólar estadounidense el jueves por la mañana.
Algunos analistas criticaron la decisión de acelerar el rescate del FMI y dijeron que huele a desesperación.

# data[].attributes.attachment_link.readable_text
Argentina is struggling to cope with yet another financial crisis.

Investors are increasingly concerned Latin America's third-largest economy could soon default as it struggles to repay heavy government borrowing. This comes after Argentina's government unexpectedly asked for the early release of a $50 billion loan from the International Monetary Fund ( IMF) on Wednesday.

The Argentine peso crashed to record lows on the news. It saw steep losses in the previous session and collapsed another 15 percent to hit 39 pesos against the U.S. dollar on Thursday morning.

The peso is down more than 45 percent against the greenback this year, exacerbating pre-existing fears over the country's weakening economy while inflation is running at 25.4 percent this year.

On Thursday, the central bank said it was increasing the amount of reserves that banks have to hold, in a bid to tighten fiscal policy and shore up the currency. It hiked rates by 15 percentage points to 60 percent from 45 percent and promised not to lower them at least until December.

Argentina's economy 'likely to contract this year'

The IMF said in a statement Wednesday that it would look to "revise the government's economic plan with a focus on better insulating Argentina from recent shifts in global financial markets."

The Washington D.C.-based institute also added that its plan included "stronger monetary and fiscal policies and a deepening of efforts to support the most vulnerable in society."

"It is now unclear if that will be enough to stabilize the government's finances amid (a) persistent reserve drain," Deutsche Bank's Jim Reid said in a research note published Thursday.

In addition to IMF support, Argentina's government has also raised interest rates to 45 percent in an attempt to curb inflation and slow the peso's dramatic slide.

But the world's highest interest rate levels as well as backing from the IMF have both failed to significantly improve market sentiment.

"Real rates are not tight enough to encourage capital inflows (so) the economy is likely to contract this year," Reid said.

A number of emerging market countries, including Argentina, Turkey and Brazil, are feeling the impact as tighter monetary policy from the U.S. Federal Reserve has boosted the dollar.

Tumultuous times

In a televised address on Wednesday, Argentine President Mauricio Macri said: "We have agreed with the IMF to advance all the necessary funds to guarantee compliance with the financial program next year."

"This decision aims to eliminate any uncertainty ... Over the last week we have seen new expressions of lack of confidence in the markets, specifically over our financing capacity in 2019," he added.

Sean Gallup | Getty Images

When Argentina's government agreed the terms of the loan with the IMF in May, Macri said he anticipated his country's economy would recover and so they did not plan to use the money.

Buenos Aires was forced to strike a deal with the IMF after a sharp depreciation in the peso. The three-year standby financing agreement is designed to improve the country's ailing economy and help it fight inflation - which at nearly 30 percent per year is one of the highest rates worldwide.

Nonetheless, some analysts have criticized the decision to speed up the IMF bailout, saying it smacks of desperation.

Many people in Argentina blame the IMF for encouraging fiscal policies that escalated the country's worst economic crisis in 2001. At that time, millions of middle-class citizens fell into poverty as the country struggled to recover.

"I know that these tumultuous situations generate anxiety among many of you ... I understand this, and I want you to know I am making all decisions necessary to protect you," Macri said.

WATCH: Argentina struggles with yet another financial crisis

# data[].attributes.attachment_link.title
Argentina's central bank hikes rates to 60% as the currency collapses

# data[].attributes.attachment_link.description
Argentina is struggling to cope with yet another financial crisis. Investors are increasingly concerned Latin America's third-largest economy could soon default as it struggles to repay heavy government borrowing. This comes after Argentina's government unexpectedly asked for the early release of a $50 billion loan from the International Monetary Fund ( IMF) on Wednesday.

# data[].attributes.headline
Argentina seeks emergency release of $50bn in IMF funds amid financial crisis

# data[].attributes.subject
Argentina seeks emergency release of $50bn in IMF funds amid financial crisis

# data[].attributes.body
Argentina’s President Mauricio Macri has asked the International Monetary Fund for an early release of funds from a $50bn deal to ease concerns that the country will not be able to meet its debt obligations for 2019.
Macri said that in the past week there had been “expressions of a lack of trust in the markets” about Argentina. He said the decision sought to dispel any uncertainty, but he did not specify the amount or when the funds would be released.
The IMF said in a statement that it would “revise the government’s economic plan with a focus on better insulating Argentina from the recent shifts in global financial markets, including through stronger monetary and fiscal policies and a deepening of efforts to support the most vulnerable in society”.

El presidente argentino, Mauricio Macri, solicitó al Fondo Monetario Internacional una liberación anticipada de fondos de un acuerdo de 50.000 millones de dólares para aliviar las preocupaciones de que el país no podrá cumplir con sus obligaciones de deuda para 2019.
Macri dijo que en la última semana había habido "expresiones de falta de confianza en los mercados" sobre Argentina. Dijo que la decisión buscaba disipar cualquier incertidumbre, pero no especificó el monto o cuándo se liberarían los fondos.
El FMI dijo en un comunicado que "revisaría el plan económico del gobierno centrándose en aislar mejor a Argentina de los recientes cambios en los mercados financieros mundiales, incluso mediante políticas monetarias y fiscales más fuertes y una profundización de los esfuerzos para apoyar a los más vulnerables de la sociedad”.

# data[].attributes.attachment_link.title
Argentina seeks emergency release of $50bn in IMF funds amid financial crisis

# data[].attributes.attachment_link.description
President Mauricio Macri says 'lack of trust from the markets' forces him to ask for help as peso weakens and inflation runs at 30%

# data[].attributes.headline
The IMF could push Argentina from a currency crisis to a det crisis.

# data[].attributes.subject
The IMF could push Argentina from a currency crisis to a det crisis.

# data[].attributes.body
The Argentine currency has been falling to record levels. The IMF can offer Argentina a line of credit of $ 30 billion, but that could push the country further into a crisis as the US dollar rises.

The Central Bank raised its interest rate last week to 40%, inflation is 25%. On Tuesday, the government went to the IMF to help deal with the crisis that is turning into a debt crisis denominated in dollars.

La moneda argentina ha estado cayendo a niveles récord. El FMI puede ofrecer a Argentina una línea de crédito de $ 30 mil millones, pero eso podría empujar al país más hacia una crisis a medida que el dólar estadounidense suba.

El Banco Central elevó su tasa de interés la semana pasada a un 40%, la inflación es del 25%. El martes, el gobierno acudió al FMI para que aporte a lidiar con la crisis que se está convirtiendo en crisis de deuda denominada en dólares.

# data[].attributes.attachment_link.readable_text
Argentina's currency has been plummeting to record lows.

The IMF may offer Argentina a $30 billion credit line.

But that could push the country further into a crisis as the US dollar rises.

When the "hot money" gets antsy, a currency crisis morphs into a debt crisis.

You just don't lend Argentina's government money. Not in its own currency, because it relentlessly destroys that currency, and not in a foreign currency, because it will default on it. Lending money to Argentina is like trying to run across a 16-lane freeway with traffic zooming by at 70 mph. You just don't do it. You might get through it. But there's a good chance it's going to cost you, and perhaps dearly, and you shouldn't be surprised if it does.

But just after Argentina settled with the "holdouts" in 2016 on defaulted dollar-bonds dating from its last default, it sold new foreign-currency bonds, in all kinds of issuances, including in June last year $2.75 billion of 100-year bonds at a yield of 7.9% and in January this year $9 billion of bonds, composed of five-year bonds at a yield of 4.625%, 10-year bonds at a yield of 6%, and 30-year bonds at a yield of 7%.

The Ministry of Finance said the yields of the bonds sold in January - however juicy they may have seemed to NIRP and ZIRP-mauled investors - were the lowest in Argentina's history. It had received $21.4 billion in orders for those $9 billion of bonds.

But these eager investors were trying to cross the 16-lane freeway. And now they act surprised that they got hit so quickly and before they could get out of those bonds.

Argentina's peso is now in free-fall even though the Central Bank raised its interest rate three times last week to a stunning 40% to halt the plunge. Inflation is 25% and might get worse. And on Tuesday, the government began begging the IMF for a bailout to help deal with its currency crisis that is morphing into a dollar-denominated-debt crisis. Investors are ruing the day.

The daily chart below shows the cliff-dive Argentina's peso has undertaken. Since early February, the ARS has fallen 16%, and since late April 11%, most of it over the last eight trading days, despite the efforts by the central bank to stem the fall by selling scarce foreign exchange reserves and by jacking up its policy rate to 40%. This morning, the currency is at a new record low of 22.68 ARS to the USD. Seen the other way around, 1 peso is now worth just 4.4 cents:

But it's not just Argentina.

Former Federal Reserve Vice Chairman Stanley Fischer said on Wednesday that the turbulence from the rising dollar and from rising US interest rates that make the dollar more attractive hit emerging markets "a little more quickly than I had anticipated, and now that one sees it, one sees a couple of countries...which are closer to being in trouble and having to take strong policy measures."

He didn't specify which "couple of countries," but one of them clearly is bond-investor darling, Argentina.

Will the situation be "stabilized," he wondered. "Well, it requires a lot of people to do the right thing at the right time, and the right time is pretty soon for many of them."

So OK, maybe it won't be "stabilized."

Among the other standouts, the Mexican peso has fallen 12.5% since February 20, half of that since April 19, to 19.56 pesos to the USD on Wednesday evening. Looking at it the other way, this daily chart shows the value of the MXN in USD, where 1 peso has fallen to just 5.1 cents:

The Brazilian real has dropped 12% against the dollar since the end of January:

The Turkish lira has dropped 13% against the USD since early February:

The Russian ruble has dropped 11.5% since early February, despite the surge in the price of oil since then:

Other emerging-market currencies have not been hit as much. For example, the Indian rupee and the Indonesian rupiah are both down a little over 5% since early February. And clearly, there are going to be some bounces in the future, of the type that have already occurred, visible in the charts above.

After the mini-turmoil in 2015 and early 2016, the emerging markets once again became a sought-after destination for the hot money. Conservative sounding EM bond mutual funds touted huge yields to US-based investors, powered by dollar-denominated EM bonds, such as the 100-year bonds from Argentina. But these foreign currency bonds get increasingly difficult to service for these countries when the local currency crashes.

And that's on the horizon now. That's how a currency crisis becomes a debt crisis.

These open-end bond mutual funds have to sell the underlying bonds when bond-fund holders are getting cold feet and begin selling that mutual fund. Hedge funds have plowed into EM investments that are now looking iffy, and they're trying to pull out. This type of selling in an illiquid market drives bond prices down further, and thus pushes yields up to where the affected countries have trouble selling new foreign-currency bonds to service the existing foreign-currency bonds. That's when they go begging to the IMF, as Argentina is now doing.

These investors were betting on, and secretly praying for, a falling dollar and continued low interest rates, figuring that the Fed would never be able to raise rates beyond the first few tries. The dollar cooperated in 2017 by falling sharply, but in February this year it reversed course. And the Fed has been methodically tightening since late 2016.

But the dollar and rising US interest rates are just icing on the cake. Countries like Argentina and Turkey - whose fiscal and economic policies tend to melt down their own currencies - have their own massive problems, unrelated to the dollar and US interest rates, and neither the dollar nor US interest rates can be blamed for those problems, though they create a more unforgiving fiscal environment and narrowed the wriggle room.

Rising interest rates in the US has unleashed competition among banks for deposits for the first time in a decade, and the Fed is allowing it to happen.

# data[].attributes.attachment_link.title
The IMF could push Argentina from a currency crisis into a debt crisis

# data[].attributes.attachment_link.description
Argentina's currency has been plummeting to record lows. The IMF may offer Argentina a $30 billion credit line. But that could push the country further into a crisis as the US dollar rises. You just don't lend Argentina's government money.

# data[].attributes.body
Requisito Idioma Inglés, Nivel I

Emilio Bretón-Carlos Jimenez- Damián Parra.