Argentina’s President Mauricio Macri did his level best this week to assuage the concerns of businessmen and opposition politicians about the decision to return to the International Monetary Fund (IMF) for financial assistance, and to drum up support for his government at its most challenging time. Many provincial governors have goodwill for Macri but are reluctant to offer unqualified support, not knowing what demands will be placed upon his administration by the IMF, and how unpopular these will be with the populace. Macri’s problems were compounded this week by a report from the national statistics institute (Indec) showing that inflation is picking up pace. But the successful renewal of a large sum of short-term debt halted the run on the peso, providing hope that this could be a turning point.

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