The International Monetary Fund will accelerate funding in support of Argentine government's austerity program, President Mauricio Macri announces amid heightened volatility in markets.
Seventy million out of Egypt's 95 million people now rely on government ration cards to buy food as the cost of living in the country has increased.
The South American nation’s economy has been steadily collapsing since the crash of oil prices in 2014 left it unable to maintain a socialist system of subsidies and price controls.
The unemployment rate in Greece is over 22 percent, the highest in the European Union. Last month the Greek government approved more pension cuts and tax hikes.
Slowing growth and rising debt prompted Moody's credit-rating agency to issue the downgrade. Falling investment and a fast aging population are other factors that contributed to the revision.
Its executive board disbursed an initial amount of $2.75 billion to Egypt's central bank while the remainder will be given over the next three years.
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