How Mauricio Macri Ended Argentina's Currency Crisis

Source: Forbes.com
By: Agustino Fontevecchia
05.25.2018

Having endured his most difficult two weeks in office, President Mauricio Macri ended the week relieved after his economic team managed to take control of an ominous currency crisis that reminded many of the 2001-2 economic meltdown.

It didn’t come easy for the Cambiemos (Let’s Change) coalition, with the Central Bank forced to put a big number of precious foreign reserves into play, while fractures emerged among government allies and general opinion polls showed continued dissatisfaction.

“We’ve overcome the turbulence,” Macri said in a press conference on Wednesday, justifying his economic plan and indicating he was working on a “great pact” with governor and senators across the political spectrum to “balance” the country.

The President did acknowledge that their economic targets were “too ambitious” and that coordination between his economic team and the Central Bank had been “clearly” problematic. “We are all working together know, we’ve improved,” he added.

The government’s economic team clearly has the support of IMF Managing Director Christine Lagarde who presented Argentina’s request for an “exceptional access Stand-By Arrangement” to the Fund’s board on Friday, noting, “this will be Argentina’s economic programme, one that has the full ownership of President Macri and his government.”

Macri also garnered support from his “friend,” U.S. President Donald Trump. “Great talk with my friend Presdient Mauricio Macri of Argentina this week.

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