China Just Threw Argentina’s Peronists an Economic Lifeline

Argentina's President, amid a crisis in its economy and rapid inflation, made a deal with China
Argentine President Alberto Fernandez arrives for the G-20 Summit, Bali, Indonesia, Nov. 15, 2022 (pool photo by Mast Irham via AP).

On the sidelines of last week’s G-20 leaders’ summit, Argentina and China struck a deal to increase their currency swap program. By doing so, however, China is playing to the worst economic instincts of Argentina’s Peronist government, for which every economic problem can be solved by simply throwing yet another currency plan at it.

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