FT News Briefing
How Argentina pulled off its latest IMF deal
Apr 15, 2025
Brussels is considering options for European firms to exit long-term Russian gas contracts, highlighting geopolitical tensions. Meanwhile, Argentina has secured a significant $20 billion deal with the IMF to address pressing financial challenges. This agreement involves lifting currency controls, raising hopes for economic stabilization, despite the looming threat of inflation and upcoming elections. Additionally, China's President Xi Jinping is actively promoting Beijing's business outlook in Southeast Asia, showcasing shifting international trade dynamics.
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Quick takeaways
- Argentina secured a $20 billion IMF deal by agreeing to relax currency controls, aiming to stabilize its struggling economy.
- China's President Xi Jinping is fostering trade relations in Southeast Asia to counter U.S. influence amidst rising economic tensions.
Deep dives
EU's Plan to Reduce Dependence on Russian Gas
The European Union is exploring the legal feasibility of terminating long-term gas contracts with Russia as part of its strategy to reduce dependence on Russian energy imports. Officials are considering invoking force majeure clauses, similar to an act of God, to exit these contracts without incurring additional costs. The urgency of this measure is heightened by the ongoing war in Ukraine and aims to sever financial ties that support Russia's military actions. A comprehensive plan for weaning the EU off Russian fossil fuels by 2027 is expected to be published soon.
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