At the start of this month, things were looking up for Argentina. Late on June 7, the administration of president Mauricio Macri reached agreement with the staff of the International Monetary Fund for a $50 billion standby agreement financial facility. The package was far larger than most experts had expected – giving a shot in the arm for one of the most vulnerable emerging markets exposed to the current bout of developed world monetary policy tightening.

Included as a core part of the deal