No Leaders, No Money, No Hope
A deepening financial crisis is adding another layer of complexity to Argentina's troubles, made worse by the government's extraordinary incompetence.
Three steps backward and a few shuffles sideways is probably
the best way to describe how President Eduardo Duhalde is
dealing with the disaster that has enveloped Argentina. Good
news of sorts came in April when Congress approved new
legislation in less than a day to stem the outflow of money
from the country's ruined banking system, five months after the
previous government froze bank accounts to prevent a run on the
banks. This should ease pressure on the debased peso and keep
banks limping along for a while longer. But the politicians
only acted after Jorge Remes Lenicov quit as economy minister
after 113 days on the job when his plan to save the banks
unraveled, plunging the country into yet another crisis. After
he resigned, Duhalde holed up in the presidential residence of
Olivos surrounded by Peronist party bosses and provincial
governors to search for a successor....
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