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Weekly Report - 21 June 2018 (WR-18-24)

ARGENTINA: Heads roll as Macri battles to regain control

Argentina’s President Mauricio Macri performed political surgery this week in a bid to arrest the unrelenting depreciation of the peso. The economic surgery his government opted to undergo by obtaining financial assistance from the International Monetary Fund (IMF) has failed to staunch the currency haemorrhage. Macri will be hoping that forcing out the president of Argentina’s central bank (BCRA), the publicly reviled energy minister, and a close ally in the form of the production minister will convince investors and general public alike that he will stop at nothing to overcome by far the most difficult challenge he has faced in his political career.

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