Political backing of the G7 for the Argentina-IMF agreement
Source: Linkedin News
By: Aldo Leporati
The International Monetary Fund (IMF) began the process of notifying its 24 governors of the agreement by which they will grant a loan to shield Argentina for at least a year and a half. The G7, composed of the United States, Japan, Germany, the United Kingdom, France, Italy and Canada, has 43.46% of the votes in the IMF and for the agreement to be signed, Argentina needs to reach 50% by adding, for example, China and Russia. The official goal is to reach June 20 with the agreement underway.
That day Morgan Stanley Capital Investment (MSCI) bank will also decide if it elevates Argentina from the "border market" to "emerging market" rating. In the financial market optimism began to flourish and the leading shares of the Buenos Aires Stock Exchange rose 4.56% average, with breaks of up to 11.76% for banks and 9.41% for energy.
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