Top grades for Macri and his reform policies from IMF's Lagarde

Monday, July 23rd 2018 - 07:15 UTC

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Christine Lagarde, Managing Director of the International Monetary Fund, met with Argentina’s President Mauricio Macri, Finance Minister Nicolas Dujovne and Central Bank Governor Luis Caputo in the context of the Group of 20 Finance Ministers and Central Bank Governors meeting in Buenos Aires over the weekend. Read full article

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Enrique Massot
Christina Lagarde will remain in memory as one of Mauricio Macri's last cheerleaders at a time when supporters are scurrying away as fast as they can.

The austerity plan, “has the support of the international community and is backed by the IMF,“ according to Lagarde. “We expect growth to stabilize in the last quarter of 2018 and see a gradual recovery in 2019 and 2020.”

Give me a break.

Is there some basis to believe that Argentina can recover when nothing will change in the economic direction implemented since Dec. 2015?

Let’s see.

Public debt is now reaching 330 billion US dollars, taking the debt-to-GDP ratio to 80 per cent up from 57 per cent in early 2018. The country has not increased its payment capacity.

To lower the fiscal deficit as required by the IMF, Macri is cancelling public works all over the country. This gave Macri hopes to keep a semblance of normalcy in a country where the productive machine is being quickly unmercifully dismantled.

The IMF intervention is nothing but an attempt to keep the international financial business' high gains going -- for some more time.
Jul 23rd, 2018 - 06:46 pm - Link - Report abuse -1
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