Argentine bonds slid 4.3% on average in early morning trading on Wednesday, a day after government measures were revealed to push state entities to give up their local and foreign-law sovereign bonds in dollars to tamp down on exchange rate volatility.
The fall comes as the South American grains producer grapples with dwindling foreign currency reserves, a drought hitting exports, annual inflation at over 100% and pressure on the peso currency pushing up dollar prices in informal markets.
Earlier this month, the International Monetary Fund (IMF) and Argentina reached a staff-level agreement on the fourth review of their $44 billion loan program, the IMF said in a statement on Monday, confirming that some economic targets for the country could be eased.
The IMF staff said that adjustments were being requested to key targets to build up foreign currency reserves, which has been hampered by a major drought gripping the grains producing nation that has hurt exports of soy, corn and wheat.
via Reuters
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