", ▁at ▁higher ▁rates ▁than ▁the ▁official ▁exchange ▁rate . ▁ ▁By ▁May ▁ 2 0 1 4 , ▁private ▁forec asts ▁estimated ▁annual ▁infl ation ▁at ▁ 3 9 . 9 %, ▁one ▁of ▁the ▁highest ▁rates ▁in ▁the ▁world . ▁In ▁July ▁ 2 0 1 4 , ▁a ▁r uling ▁from ▁a ▁New ▁York ▁court ▁ordered ▁the ▁country ▁to ▁pay ▁the ▁remaining ▁hold ers ▁of ▁the ▁b onds ▁default ed ▁in ▁ 2 0 0 1 , ▁which ▁by ▁then ▁were ▁mostly ▁American ▁V ulture ▁funds , ▁before ▁it ▁paid ▁any ▁of ▁its ▁exchange ▁bond hold ers . ▁The ▁Argent ine ▁government ▁refused , ▁causing ▁the ▁country ▁to ▁default ▁on ▁its ▁deb t ▁again . ▁ ▁Pres ent ▁ ▁Pres iden cy ▁of ▁Maur icio ▁Mac ri ▁▁ ▁On ▁December ▁ 1 7 , ▁ 2 0 1 5 ▁Mac ri ▁released ▁the ▁exchange ▁restrictions , ▁which ▁meant , ▁according ▁to ▁the ▁opinion ▁of ▁some , ▁that ▁the ▁pes o ▁under go es ▁a ▁de valu ation ▁near ▁ 4 0 %, ▁It ▁would ▁be ▁the ▁largest ▁recorded ▁since ▁ 2 0 0 2 , ▁when ▁convert ibility ▁ended . ▁In ▁January ▁ 2 0 1 6 ▁it ▁de valu ated ▁again ▁strongly , ▁clim bing ▁to ▁ 4 4 ▁C ents ▁Also , ▁the ▁measure ▁of ▁some ▁products ▁for ▁a ▁contra ction ▁of ▁consumption . ▁To ▁top ▁it ▁off , ▁un emp loyment ▁will ▁reach ▁double ▁digits ▁as ▁a ▁result ▁of ▁current ▁economic ▁measures ▁and ▁the ▁multiplication ▁of ▁lay