The Argentine peso soon became the worst performing currency against the dollar. interest rates that drove investors away from emerging markets made matters worse. When he came to power, he put Argentina back into the international economic system, but the fixes didn’t stick. Years of irresponsible spending and centralized economics under the Kirchners left Macri to inherit a fragile economy with high inflation and a depreciating currency. “You don’t want to start from the position Macri started,” Setser points out. He is the author of the celebrated economics blog, Follow the Money.
Setser previously held positions at the National Economics Council and the US Department of Treasury, where he worked on Europe’s financial crisis and Puerto Rico’s debt crisis. To understand what went wrong for Macri and what’s in store for Argentina’s economic and political future, we bring in Brad Setser, Senior Fellow for International Economics at the Council on Foreign Relations. Yet just a few years later, Macri went from posing on magazine covers to negotiating a very unpopular $57 billion bailout package with the International Monetary Fund, the largest loan in IMF history.
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Investors flocked to Argentina, hailing its new free market reforms, and optimism was in the air. The international business community was relieved and excited, and Macri quickly appeared on top 100 lists as one of the most prominent leaders in Latin America. Such predictions are light years away from the hope and enthusiasm that welcomed center-right Macri when his election in 2015 effectively ended twelve years of rule by the controversial populist Peronist couple, Néstor and Cristina Kirchner. “There is no question that Argentina is going to enter into a severe recession in the next year,” is the ominous assertion of economist Brad Setser, in an interview with Altamar to discuss the financial crisis facing Argentina and its President Mauricio Macri.