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peppertree

(23,232 posts)
2. A "heavy inheritance" made all that much more difficult by the Covid pandemic
Sun Apr 4, 2021, 01:55 PM
Apr 2021

"Heavy inheritance" is the term Macri would often use to describe the situation left to him by Cristina Kirchner - with right-wing media echoing that term, day in and day out.

But to investors (to whom you can't lie that brazenly), he'd boast about "the low debt levels" and other positive economic numbers Argentina had at the time (2015).

"It's a blessing," is how his future Economy Minister Nicolás Dujovne put it (the one with the million-dollar house he wasn't paying taxes on).

Well now, it really is. But it's good to see the new team take the problem on, and actually tackling it a little.

Next up: negotiations with the IMF over the Macri bailout.

Argentina's facing $18 billion in payments in 2022, and another $19 billion in 2023 - which they can't afford without either a) refinancing; or b) new IMF loans, to pay the old Macri ones.

And the IMF is adamant they'll only accept option B, so that's what it'll probably "B".

Thanks again for taking the time to read, and share your thoughts and good wishes Judi. Have a good and restful Sunday.

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