Is Argentina’s Economy Finally Having a ‘Moment?’
By: Alan Fleischmann
With broad concerns that the U.S. stock market may be overheated and turmoil in Europe following Brexit, long-term global investors are desperate for good news.
This week, we got some when Argentina’s president, Mauricio Macri, opened a three-day conference in Buenos Aires for top global CEOs and investors – effectively declaring that Argentina is once again open for business. Just one year ago, prior to Macri’s election, the prospect of such a gathering would have been unthinkable; the world’s political and financial elites would have scoffed at the notion of investing in a country that was not only facing severe economic challenges, but also had no apparent roadmap for turning things around.
In his opening remarks, Macri acknowledged that “we can’t change everything in a day or in a year or during one presidency; what’s important is that we’ve started going in the right direction.” The willingness of the global community to even listen to the new president’s pitch is a very big deal.
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