Facing default, Argentina's Macri seeks debt rescheduling

[sandensea]

2. Alberto Fernandez will certainly inherit a very difficult situation: A debt crisis, amid depression

You may recall that Daniel Scioli (the last nominee Mrs. Kirchner endorsed) warned in 2015 that electing Macri would lead to this very crisis now.

"Another 2001" as he put it.

Or, indeed, another 1981 - as this 'borrow-billions-and-wire-it-overseas' heist (the 'bicycle', as Argentines refer to it) is exactly what the dictatorship encouraged at the time.

Those two experiences - and the fact that Macri's very much the dictatorship's ideological heir - should've clued "the markets" in to the fact that his presidency was going to led to another debt fiasco.

Just as the dictatorship ended up being - and they, too, were backed at first by the "markets."

To all that, of course, we should add Trump's arm-twisting the IMF into lending Macri those $45 billion.

Since Argentina can't repay that in 4 years, the only solution for the IMF will be to work with Fernández and convert that 4-year stand-by loan into a 10-year extended facility.

If they don't, guess who the IMF will have to turn to for a bailout: U.S. taxpayers - all thanks to Cheeto's obsession with propping up his old pal (in vain).

But then, you what they say about those who forget history.

Especially in Argentina!