Argentina: Damage from Kirchner Wrecking Ball Piling Up
Argentina’s president, Cristina Fernandez de Kirchner, gives a speech during a welcoming ceremony for Argentina’s frigate Libertad in Mar del Plata, south of Buenos Aires on January 9, 2013. (LEO LA VALLE/AFP/Getty Images)
February 27, 2013
| Economics
| The Americas
The economic policies of President Cristina Fernandez de Kirchner have damaged Argentina’s economy to such an extent that a turnaround is unlikely in 2013, or even 2014. Ratings agencies say Argentina is headed for another default on its debt and international investors are running for the exits. A LIGNET analyst led a trade delegation to Argentina last year, and gives a first-hand account of the situation there.
Kirchner is promoting a statist, isolated, and closed economy that is allied with leftist governments in Latin America. In the last 12 to 18 months, Kirchner’s government has insulted its former allies, raised protective trade barriers, thumbed its nose at creditors, and hurt its own middle class by ignoring inflation and restricting currency exchange.
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