By Kim Iskyan
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One more loan, one more bailout, and Argentina will get back on track, for good this time... really. The enabler acts – and lends money – as if it believes the addict will change. A $57 BILLION BAD IDEA For a few years, Argentina’s rehab seemed to be working. The “adult in the room,” President Mauricio Macri, had been doing a credible job of fixing the mess made by the previous government [link to previous piece]. track, for good this time... really. The enabler acts – and lends money – as if it believes the addict will change. Which brings us to June 2018, when the IMF decided that it was a good idea to make its biggest loan ever... and to none other than Argentina.
loan in its history, a $57 billion one to Argentina. It’s high-finance dependency. And the jobs, savings, and livelihoods of millions of Argentines are on the line. WHAT’S THE IMF’S PROBLEM? When the IMF isn’t dealing to Argentina, it tries to do good (-sounding) things like “foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.” The people who work at the IMF are some of the sharpest knives in the drawer, with fancy degrees with lots of letters from the world’s top universities. Despite that, the IMF has made a lot of questionable decisions – particularly about Argentina, the economic itch the IMF can’t stop trying to scratch. One more loan, one more bailout, and Argentina will get back on
American Consequences
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