Argentina’s refusal to accept economic reality has caught up with it. The government can no longer continue to spend on the social programmes adopted for political reasons by President Cristina Kirchner as inflation rises to between 30 and 40 per cent. Now the president is finding it politically impossible to dig herself out of the mess.

<i>Argentina's recent devaluation has set off shock waves around the world as financial centres worry about the vulnerabilities of emerging markets. But Argentina is unlike other emerging markets as it does not depend on foreign investment for its growth. This crisis has been building for several years while the government of Cristina Kirchner ...

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Dr. Joseph S. Tulchin
The government hopes these steps will calm financial markets and the economic actors - exporters and importers - who depend on access to international currency. But this is unlikely
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