Mauricio Macri soon found the government had too many economic cooks following different recipes
IF YOU can’t beat them, join them. That seems to be Mauricio Macri’s response to his crushing defeat in presidential primary elections on August 11th. He won 32% of the vote against the 48% secured by the Peronist slate of Alberto Fernández and Cristina Fernández , a populist former president. At first Mr Macri blamed the outcome on the voters for “believing that returning to the past is an alternative”, a scolding for which he later apologised.
Many had high hopes for Mr Macri, a former businessman turned successful mayor of Buenos Aires. After years of economic debauchery under Ms Fernández, he promised that Argentina would rejoin the world as a normal country. He appointed a team of brilliant technocrats. So what went wrong? That alarm was partly because of the rise in interest rates in the United States. A severe drought also cut Argentina’s farm exports, driving up its current account-deficit. But the main blow was self-inflicted: the government’s decision in December 2017 to loosen its own inflation targets, which undermined the credibility of the central bank.
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