The International Monetary Fund (IMF) is willing to be flexible with Argentina regarding the macroeconomic targets that the sides agreed during their debt-restructuring negotiations. The fund knows that responsibility for the original failed loan lies as much with it as with Argentina, so publicly admitting to a failed restructuring would hurt the credibility of both sides yet again.
That means that higher-than-expected inflation, divergence in growth targets, or an uptick in public spending could all be tolerated.
But it was paramount that the country showed progress on one metric: the accumulation of foreign currency reserves, which Argentina needs to...