⁍ Argentina auctioned a dollar-linked bond and other debt for a total of about $3.18 billion.

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⁍ The government is looking to ease pressure on the battered peso currency.

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⁍ The country is headed for an economic contraction of about 12% this year.

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– Argentina plans to auction $1.66 billion in bonds linked to the US dollar today, part of a series of steps it is taking to ease pressure on the battered peso currency, the country’s economy ministry said. The bonds, which carry a 0.10% annual interest rate, are part of $3.18 billion in debt auctioned today, Reuters reports. The country, which is heading for its third straight year of recession, has issued $1.8 billion in dollar-linked bonds this month. “The issuance of an 18-month dollar-linked bond will surely be a great success, which could appease devaluation expectations in the very short term,” said a local investment firm. “However, the debt issuance itself could dilute quickly if not accompanied by a clear fiscal and monetary path for the next few months.”