Macri Tries to Weather Argentina’s Economic Storm by Ending ‘Gradualismo’

A young demonstrator plays a trumpet during a protest against austerity measures put in place by the government of President Mauricio Macri, Buenos Aires, Sept. 24, 2018 (AP photo by Natacha Pisarenko).
A young demonstrator plays a trumpet during a protest against austerity measures put in place by the government of President Mauricio Macri, Buenos Aires, Sept. 24, 2018 (AP photo by Natacha Pisarenko).
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BUENOS AIRES—Once again, Argentina has become synonymous with crisis. The Argentine peso has already lost half of its value against the dollar this year, and the economy is projected to contract by at least 2 percent while inflation reaches 40 percent. Beleaguered President Mauricio Macri is asking the International Monetary Fund for additional assistance, only three months after finalizing a loan agreement. Not surprisingly, Macri’s domestic popularity has suffered, weakening his re-election prospects next year. But while the situation is indeed serious, comparing it with Argentina’s total economic, political and social collapse in 2001—as some Argentine and foreign commentators have—is […]

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