Argentina under president Mauricio Macri feels a little like that. The challenge his administration has had to overcome is one for the economic textbooks. But today, following a collapse in international investors’ confidence, that joke feels even more apposite.
Argentina’s inflation rate is around 25%, and it has no chance of hitting its 15% target for the end of the year. Inflation was already becoming unanchored before the peso fell to 25 to the dollar, and now there are pass-through effects to come.
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