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Argentina asks for early release of IMF bailout funds

Argentina President Mauricio Macri
Argentine President Mauricio Macri. Photo: Mario De Fina/NurPhoto via Getty Images

The Argentine peso reached a record low against the U.S. dollar Wednesday after President Mauricio Macri said he had asked the IMF to speed up the next disbursement of its $50 billion bailout package, reports the Financial Times.

The big picture: Ahead of next year's presidential elections, Macri — who has already seen a significant dip in his approval ratings — must navigate a contracting economy, a peso that is down 42% against the dollar this year, and a massive fiscal deficit that have together helped scare off investors.

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