Argentine Central Bank president resigns amid financial crisis, IMF bailout

[sandensea]

2. It certainly didn't have to be this way.

They had so much going for them, Macri and his administration:

Support from local and international business, support from most local and international media (especially the business press), red carpet treatment in every major bank, and low foreign debt levels left over from Cristina Kirchner (as Dujovne himself admitted).

They could've limited themselves to sensible deregulation - something most Argentina observers, including myself, thought could restore some needed agility to the economy by way of higher real estate investment, for instance.

But instead, they decided to go full Bush: All-out financial and foreign exchange deregulation, plus trickle-down deficits and a boom in imports. Add to that the massive LEBAC "bicycle" and you get the makings of a Bush-style bubble - and its inevitable pop.

A lot like what they went through in 1981 (during the dictatorship), and to some extent in 2001 - but hopefully, with a softer landing this time.

Thanks, once again, for taking an interest, Judi, and for sharing your very incisive thoughts - and sense of humor! All the Best, and have a very nice weekend (not too hot, I hope!).