What finally broke investors’ confidence was the spectre of populists returning to power in Argentina
president of Argentina in 2015, Mauricio Macri was president of a Buenos Aires football club, Boca Juniors. On September 1st the team faced its crosstown adversary, River Plate, in the, as contests between the sides are called. The two armies of fans at last had something to agree about. As they made their way to the stadium, Mr Macri’s government announced an emergency reimposition of currency controls.
The controls limit the amount of dollars that Argentines can buy and force exporters to repatriate their earnings. They come shortly after the government said it would delay repayments of some of its short-term debt and seek an extension of longer-term liabilities. Intended to prevent capital flight and stabilise the peso, the measures are the final humiliation for Mr Macri, a businessman who promised to revive the economy by scrapping controls and reforming a bloated public sector.
Plenty of Argentines and some outsiders may conclude that Mr Macri’s agenda to liberalise the economy, and the’s support, were misplaced. In fact much of the blame for Mr Macri’s failure lies with his populist predecessor, Cristina Fernández de Kirchner, who is running again in the upcoming elections as a vice-presidential candidate.
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