A few days after taking office, the new right-libertarian government in Argentina announced a radical austerity program. Subsidies are being canceled and the peso is being massively devalued. Where is the country heading?
No question: Luis Caputo had bad news, but it almost seemed as if he was reluctant to deliver it. It was actually expected that Argentina’s new economics minister would appear in front of the press with concrete measures on Monday morning, one day after the new government took office. But then it was said that we still needed some time, so everything was postponed until Tuesday. First there was talk of the morning, then the late afternoon, at 5 p.m. sharp, but nothing came of that. Nervousness increased and speculation began: Did we need any last-minute changes? And if so: why?