Argentina. Crisis de pagos y sinergia entre programas del FMI y Club de París. 1956-2009

Abstract

Argentina refinanced eight times its Paris Club’s debts since 1956. The refinancing involved implementing stabilization and expenditure cut programs, and were accompanied by IMF agreements in six occasions. But the subsequent appreciation of the domestic currency and the imports commitments involved in such agreements triggered a cycle of boom followed by the worsening of the current account, which resulted in a new crisis and the increase of the external debt, exacerbating the original foreign currency restriction in a context of massive capital outflows, inflation and recessión.