BUENOS AIRES, Argentina (AP) – The decision by Argentina’s government to seek a financing deal with the International Monetary Fund has brought back haunting memories for many Argentines who blame the IMF’s policies for their economic crisis in 2001.
The crunch resulted in one of every five Argentines being jobless, millions sliding into poverty and some reporting going hungry. The peso, which had been tied to the dollar, lost nearly 70 percent of its value.
Banks froze deposits and put up sheet metal barricades as thousands of protesters unsuccessfully tried to withdraw savings. At least 27 people died in protests and looting as the economy unraveled.
FILE – In this March 6, 2018 file photo, Argentina’s President Mauricio Macri attends a lunch at the government house Casa Rosada, in Buenos Aires, Argentina. Macri’s government is seeking a financing deal with the International Monetary Fund that has brought back haunting memories for many Argentines who blame the IMF’s policies for the country’s worst economic crisis in 2001. (AP Photo/Natacha Pisarenko, File)
Many in the country blame the IMF for the crisis, and a recent survey said 75 percent of Argentines are against seeking assistance from the IMF.
International Monetary Fund (IMF) Managing Director Christine Lagarde, right, meets with Argentina’s Treasury Minister Nicolas Dujovne, Thursday, May 10, 2018, at the IMF in Washington. (AP Photo/Jacquelyn Martin)
People walk by a money exchange house in downtown Buenos Aires, Argentina, Friday, May 4, 2018. Argentina authorities raised interest rates to 40 percent to stop the fall of the peso, a day after the dollar reached an all-time high against the peso. (AP Photo/Pedro Lazaro Fernandez)
People stand outside a money exchange house in downtown Buenos Aires, Argentina, Friday, May 4, 2018. Argentina authorities raised interest rates to 40 percent to stop the fall of the peso, a day after the dollar reached an all-time high against the peso. (AP Photo/Pedro Lazaro Fernandez)
A man walks by a money exchange house in downtown Buenos Aires, Argentina, Tuesday, May 8, 2018. President Mauricio Macri said Tuesday that Argentina has begun financing talks with the International Monetary Fund following a sharp devaluation of its currency and a difficult “global scenario.” (AP Photo/Victor R. Caivano)
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