Argentina is a big and beautiful country full of well educated civilized people.
It is very tragic that the paradise is hold hostage by U$-Dollars.
When it comes to debt – there need to be biblical “every 7 years we slash the debt in half” – methods or it will never work.
Look at Greece vs Portugal.
Greece = implements austerity = economy crashes = massive poverty and right-wing parties gain ground.
Portugal = implements only 10% of the austerity measures the IMF wants = economy and the people are cautiously optimistic 🙂
What way would you chose?
When the IMF – on purpose – crashes economies of countries around the world – so investors can shop real estate, companies and infrastructure cheap.
During Macri’s first year, economic recovery was slow. Unemployment and inflation remained high and growth did not come as expected. Kirchner’s Careful Pricing price-control program, which benefited small and medium-sized enterprises, was kept with a revision of its included products. The government began several public-works projects to stimulate the economy and help the construction sector. Political intervention in the INDEC figures ended, and the International Monetary Fund (IMF) declared in November 2016 that Argentine statistics were again in accordance with international standards. The Organisation for Economic Co-operation and Development (OECD) estimated that Argentina would emerge from recession in 2017 or 2018, and lowered its country risk classification from seven points to six.
The economy worsened in 2018: inflation remained high, due in part to a trade deficit. The production of soy, the country’s main export, had been reduced by a drought which was among the worst natural disasters in the world that year. The US Federal Reserve increased its interest rates, which raised the price of the US dollar against other currencies. The Central Bank of Argentina increased the interest rate to 60 percent, but could not hold off inflation.
Macri announced on 8 May that Argentina would seek a loan from the IMF.
Macri replaced him with Luis Caputo, and merged the ministries of treasury and finances into a single ministry led by Nicolás Dujovne. The US–Turkey diplomatic conflict caused a new increase on the US dollar. As a result of the crisis, the tariffs on soy exports were restored. Caputo resigned, and Guido Sandleris replaced him as president of the Central Bank. The IMF expanded the loan with an extra 7 billion, on the condition that the Central Bank would only adjust the price of the peso against the US dollar under certain conditions. The 2019 budget reduced some expenditures and increased some taxes, in order to completely avoid a deficit.
“Argentina asks IMF to release $50bn loan as crisis worsens”. BBC. 30 August 2018. Archived from the original on 24 November 2018. Retrieved 11 March 2019.
2014: “The fate of Argentina’s economy now rests on its ability to resolve a dispute with a group of bondholders led by a multibillion-dollar hedge fund.”
2015: “Ruling leaves massive debt for next Argentina government”