“Macri’s economic agenda quickly ran into trouble, largely as a result of the gradualism of his reforms, which exhausted investors’ patience, and his reluctance to cut welfare subsidies, which would have pulled the South American state out of the red. The IMF loan should have been a lifeline for Macri, but it came at the worst possible time,” Ricardo Kirschbaum writes for
Foreign Affairs.
“Macri’s failed attempt to liberalize one of the world’s most closed economies will have far-reaching consequences, and not only in Argentina,” writes the Wilson Center’s Benjamin N. Gedan in
Foreign Policy.
CFR lays out what to know about Argentina’s debt crisis.