Argentina's Peso slipped a day after the International Monetary Fund (IMF) agreed to speed up and beef up a bail out loan package for the inflation-wracked South American economy.

The Peso is now trading at about forty to the US Dollar.  Earlier, IMF Director Christine Lagarde agreed to increase Argentina's credit line from US$50 Billion to US$57.1 Billion and speed up disbursements. 

In exchange, Argentina's central bank will accede to the IMF's demands and give up inflation targeting and intervene only when the currency drops below 34 pesos or rises above 44 pesos per US Dollar; this policy is expected to last through the middle of next year, at the very least.  President Mauricio Macri's government will also slap new taxes on exports to reduce the government's budget deficit.  Argentinians, wary of the return of failed austerity policies, staged a nationwide strike this week to protest the elimination of subsidies on utility bills and transportation, and the layoffs of thousands of state workers.

However, Macri said he is convinced this is "the only way", even though Argentinians will suffer some "tough months ahead".