Be Wary of Argentina’s Latest Economic “Miracle”

By Eduardo Levy Yeyati

Has Alberto Fernández learned the wrong lessons from 2002?

BUENOS AIRES – As a candidate for president in 2019, Alberto Fernández referred often to Argentina's economic crisis of the early 2000s. He placed himself at the center of the country's recovery in 2003 (he was cabinet chief at the time), but tended to make one crucial edit: The critical and prolific 2002 – the key turning point of the crisis – was swept under the rug. Twenty years on, the legacy of that tumultuous year could hardly be more relevant. But Fernández, now president, appears again to be drawing the wrong lessons. Despite touting a supposed economic recovery from the...

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