Argentina forced to seek IMF aid over fears for economy

Country pursues deal after President Mauricio Macri fails to stem run on the peso

Argentina's struggle this week to prevent a collapse in its currency and soaring interest rates from destabilising its ailing economy appeared to have ended in failure on Friday, leaving it to seek financial aid from the International Monetary Fund.

The IMF, the lender of last resort to nation states, said the South American country had formally requested an "exceptional access standby arrangement" that would allow Argentina to pay its foreign bills while the government sought to prevent a repeat of the 2001 crisis.