In Flux

In Flux

Inter-American Development Bank DC headquarters.Last December, Argentina and Brazil – the International Monetary Fund's (IMF) first and third-largest borrowers and its two biggest clients in Latin America – announced within days of each other that they would repay their debt before schedule. Brazil wiped out its entire $15.5 billion IMF tab, and Argentina knocked out its remaining $9.6 billion in obligations to the lender of last resort. In a remarkable shift of circumstances, these countries that once had to beg for help from multilateral agencies like the IMF were able to erase vast debts with the stroke of a pen. However, this has underlined yet again the identity cr

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