突然，暴跌！阿根廷紧急救市！

Core Viewpoint - Argentina is facing a severe currency crisis, prompting the central bank to intervene in the foreign exchange market by selling a total of $1.11 billion to support the peso, which has depreciated nearly 11% against the dollar in the past month and 30.1% year-to-date [1][4][6]. Group 1: Central Bank Intervention - The Argentine central bank sold $678 million on Friday, marking the third intervention of the week, following sales of $379 million on Thursday and $53 million on Wednesday [3][4]. - The scale of intervention is considered astonishing given Argentina's limited foreign exchange reserves [1]. Group 2: Government Measures and Economic Impact - The government has introduced new foreign exchange controls to stabilize the peso, with the economy minister vowing to use "the last dollar" to defend the currency [7][8]. - The economic impact of selling dollars to support the peso could lead to a significant contraction in economic activity, potentially causing credit tightening and economic shrinkage [8]. Group 3: Political Context and Market Reactions - The peso's collapse is attributed to a political crisis, including unexpected electoral defeats for President Javier Milei's party, which undermined investor confidence in his ability to maintain a free-market agenda [14][16]. - The yield on Argentine sovereign bonds has surged by 5.5 percentage points in two weeks, reflecting growing concerns over the government's debt repayment capacity [16]. Group 4: IMF Loan and Reserve Situation - An IMF loan of $20 billion, obtained in April, has become a significant part of the central bank's reserves, which total approximately $39 billion [10][11]. - Despite the IMF loan temporarily bolstering reserves, it has not led to any additional accumulation of reserves, leaving Argentina with limited foreign exchange resources [11].