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America’s love for SUVs caught US carmakers off guard. Now, overcapacity is looking eerily similar to the era before the auto bailout
Overcapacity is crippling the US automotive industry during what should be a boom time for carmakers.
The International Monetary Fund this week announced plans to expand Argentina's bailout package reached in June, which was already the largest in its history. But some economists are skeptical it will be able to stem a crisis that has roiled Latin America's third-largest economy.
The IMF reached a staff-level agreement Thursday to offer Argentina, which requested aid last month when its currency hit an all-time low, a $50 billion loan as part of a three-year standby program. The credit line seeks to rein in soaring twin deficits in the country and prop up the Argentine peso.
The IMF has estimated inflation could rise to 2,300% by the end of 2018 and said the crisis has "no end in sight."
Mervyn King, then governor of the Bank of England, had wanted to keep the news from the public to prevent a panic.
The oil industry can definitely use some help right now.