A new quasi-currency?

ARGENTINA - Report 22 Jul 2013 by Esteban Fernandez Medrano and Domingo Cavallo
Executive SummaryThe latest deterioration of the current account surplus and the need to continue using reserves to substitute instrumented debt amortization with inflation tax, has again triggered some new policies from the government. Among them are the tax amnesty and the acceptance that YPF requires an external strategic investment partner (Chevron) if it wants to revert Argentina’s energy deficit.The annualized current account deficit in the 1stQ2013 fell to -1.1bn USD, driven not only by a weaker trade surplus but also by a stronger deficit in the real service account. In particular, ...

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