A Cure for Argentina's Sickness

Jun 1, 2003

Argentina is not on the mend. The outcome of April's presidential elections fought with traditional weapons - populism, patronage and partisanship - holds little hope for a meaningful recovery. It is true that, after staging the largest sovereign default ever in the most chaotic way possible, the country's economy is growing again. Exports are rising, as is the value of the peso. The previous government reached a temporary agreement with the International Monetary Fund that averted a default with the world's lender of last resort. Argentina has merely stopped sinking and is slowly beginning to rise to the surface.

The 2001 default, collapse of the currency board, the subsequent demolition of the financial system and last...

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