Argentina’s economy has tied itself into a Gordian knot. Undo the FX regulations and inflation, and its hard currency debt surges. Increase real interest rates to counter inflation and you knock the economy back into recession. Tackle fiscal deficits – delivered to the economy in terms of public subsidies – and prices and inflation rise again, and the government quickly loses the popular and legislative support it needs to manage the economy.
Argentine governments tend to stress gradual change, but are then exposed to the vagaries of luck over domestic and external variables.
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