"If you are going to go, go big and get on with it," says the Financial Times. Argentina and the International Monetary Fund (IMF) have done exactly that, agreeing a large financing deal unexpectedly quickly. Argentina will have access to a $50bn credit line, and in return will give the central bank full independence and aim for a balanced primary budget (spending before interest-rate payments) by 2020. These are "wise" measures, and in line with President Mauricio Macri's plans. "He is as close to economically orthodox as any president in decades."
A hostile environment for emerging markets always leads to capital flight. Not only was Argentina unusually reliant on foreign money anyway, but it unnerved investors by raising its inflation target when inflation "refused to decline quickly enough". The Argentine peso, which has lost almost a fifth since April, looked vulnerable to a run.
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