The S&P statement said: “Following the continued inability to place short-term paper with private-sector market participants, the Argentine government unilaterally extended the maturity of all short-term paper on August 28. T he Argentine economy is on the verge of another default less than two decades after the last one, in 2002. Argentina has experienced many cycles of boom and bust. March 1, 2021, Nonstate Warfare The Military Methods of Guerillas, Warlords, and Militias, Book An Argentine banker cited by the Financial Times said they are recalling the strikes, riots and bank runs during the last default in 2001 and “are very afraid of what’s going on.”, Bloomberg warns that the vote doesn’t reflect “nostalgia for the so-called pink tide” in Latin America that included Kirchnerism. The peso’s devaluation made it hard to tame inflation (with consumer prices growing by 54% by end- 2019) and increased the real As the fallout continues from the Argentine primaries last week, which foresees the defeat of right-wing incumbent president Mauricio Macri, the Wall Street credit agency Standard & Poor’s declared Friday that the government has effectively defaulted on its debt, sending chills across ruling circles. with Jacob Carpenter and Randi Weingarten Relations with the United States, particularly during Ms. Kirchner’s presidency, deteriorated. Current 5-Years Credit Default Swap quotation is 1,030.95 and implied probability of default … He writes: “The globalization of [financial] markets and the emergence of a ‘casino economy’ has created a lavish pole of speculative demand. In turn, the country was cast out of foreign debt markets until 2016. April 12, 2021, Backgrounder They are simply coming to grips with the fact that they find themselves again depending on these forces to find a resolution to another crisis, which resulted from their own financial predations, while demanding that Kirchnerists re-create the conditions needed to further their financial parasitism upon the social wealth created by Argentine workers. President Trump sent U.S. troops to the border with Mexico to supplement the work of authorities there. The list of sovereign debt crises involves the inability of independent countries to meet its liabilities as they become due. The IMF reserve metric isn't working: it is failing to differentiate between obviously under-reserved countries like Turkey and Argentina and adequately reserved countries like China. He hired a cabinet of technocrats who promised to use orthodox policies to bring down inflation, attract waves of foreign direct investment and put the country on track toward sustainable growth. 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