Yet again Argentina finds itself a financial outcast
WHEN MAURICIO MACRI was elected president of Argentina in 2015, one of his first acts was to abolish capital controls that restricted buying and selling of the peso. The move symbolised Argentina’s pivot back to open markets and liberal economic reforms under his rule. On September 1st, after weeks of market turmoil, Mr Macri was forced to issue a decree reimposing controls in an attempt to shore up the currency.
Things went downhill soon after. Mr Macri was wary of stifling economic growth and, lacking a majority in congress, was reluctant to cut the budget deficit sharply. He relaxed the central bank’s inflation target, despite racing prices. Investors cooled, in part because global interest rates began to rise, drawing capital from emerging economies back to America. In early 2018 the peso slid rapidly, losing a fifth of its value against the dollar in just over four months.
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