What Happened In a Feb. 19 public statement, the International Monetary Fund (IMF) said Argentina's debt was unsustainable, and that the primary surplus required to reduce its public debt was neither "economically nor politically feasible." In its June 2019 review of Argentina's aid program, the IMF noted a primary fiscal surplus of 3.5 percent was needed to stabilize the country's debt as a percentage of gross domestic product (GDP). The IMF also projected a gross external financing requirement of more than $90 billion for Argentina in 2020. But a closer reading of the IMF's quantitative projections behind those previous assessments revealed that a heroic fiscal adjustment should have been undertaken to substantially mitigate Argentina's debt, which the IMF said has since "deteriorated decidedly." As a result, the IMF called on private bondholders to enter “collaborative” negotiations with the Argentine government to restructure its debt.