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There are three certainties in life: death, taxes and Argentina defaults.
And while we have seen a lot of the first in the past year, Biden is making sure we will see much more of the second in coming years, it was Argentina’s president Cristina Fernandez de Kirchner who said on Wednesday that we are about to have one more of the third.
Speaking at an event in Buenos Aires, CFK said that Argentina is unable to repay its $45 billion debt with the International Monetary Fund – the same fund that came to Argentina’s rescue in 2018 to fund the country’s latest default – under current negotiating conditions for one simple reason: “we can’t pay because we don’t have the money to pay,” she said adding that the IMF’s conditions are “unacceptable” diminishing the possibility of an agreement with the country’s largest creditor.
In the speech, CFK was flanked by Axel Kicillof, the governor of Buenos Aires Province and her son Maximo. She called on the opposition to help seek better terms from the fund since they are responsible for taking on the debt under former President Mauricio Macri.
“We are not saying to not pay the debt,” Fernandez de Kirchner said, when in reality that’s precisely what she was saying. “Our political group was the only one that paid the debts of all the other governments. We should make an effort, the ruling party and the opposition, to give us a longer term and a different interest rate on a debt that others have contracted.”
CFK’s comment, first reported by Bloomberg, came come after discussions between Economy Minister Martin Guzman and IMF Managing Director Kristalina Georgieva in Washington on Tuesday that what was described by both sides as a “very good meeting” although in retrospect, they were not so good.
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