Mr. Torres’ essay doesn’t even begin to offer something like a diagnosis, for the failure of Macri’s failed ‘Austerity Lite’. Awash in Econo-Speak , a stand-in for obfuscation. Or is this offered in lieu of an actual diagnosis. In sum, this is how it ‘should’ have happened?
It is important to note that the fund considers Argentina’s debt to be “sustainable but without a high probability”. In IMF jargon, this implies the possibility of restructuring public debt (or “reprofiling” it: a kind of “light” restructuring). To avoid this happening, the government needs to count on the private investor’s willingness to refinance all their claims at maturity.
In the stuttering comic jargon of the Technocrat: ‘“reprofiling” it: a kind of “light” restructuring’.
Macri is a failure. This ‘stunning declaration’ in the pages of The Financial Times: the home of Macri advocacy/apologetics.
His reformist political campaign emphasized the fight against corruption, public investment, and Argentina’s new “integration into the world”. But the electorate felt more closely touched by the vivid arguments coming from their pockets.