Aug 29, 2018

Argentina asks for early release of IMF bailout funds

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.

Go deeper

We can't just flip the switch on the coronavirus

Illustration: Sarah Grillo/Axios

It feels like some big, terrible switch got flipped when the coronavirus upended our lives — so it’s natural to want to simply flip it back. But that is not how the return to normalcy will go.

The big picture: Even as the number of illnesses and deaths in the U.S. start to fall, and we start to think about leaving the house again, the way forward will likely be slow and uneven. This may feel like it all happened suddenly, but it won't end that way.

The Fed rescues Wall Street, but Main Street is another story

llustration: Aïda Amer/Axios

In less than a month, the Federal Reserve has unleashed a multi-trillion dollar tour de force to buoy the U.S. economy against the COVID-19 pandemic.

Why it matters: While it has steadied the markets, the Fed is poorly equipped to offset the hit being absorbed by small business owners and the close to 17 million Americans who have filed for unemployment in just the past three weeks.

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 5 a.m. ET: 1,605,548 — Total deaths: 95,758 — Total recoveries: 355,983Map.
  2. U.S.: Total confirmed cases as of 5 a.m. ET: 466,299 — Total deaths: 16,686 — Total recoveries: 26,522Map.
  3. 2020 latest: Top conservative leaders are concerned the Trump administration isn't addressing the virus' long-term economic impact.
  4. Public health latest: U.S. has expelled thousands of migrants under a CDC public health orderDr. Anthony Fauci said social distancing could reduce the U.S. death toll to 60,000.
  5. Business latest: After another 6.6 million jobless claims, here's how to understand the scale of American job decimation.
  6. 1 "SNL" thing: "Saturday Night Live" will return this weekend in a remotely produced episode.
  7. What should I do? Hydroxychloroquine questions answeredPets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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