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It’s Groundhog Day in Argentina

April 22, 2019

Paraphrasing Aristotle, one could say that countries succeed in one way, but fail in many. We have the temptation to explain a crisis, a failure, in terms of a single source; it is simpler and somehow relaxing to believe it is only a question of doing something differently, with a different cast.

But crises are not a varietal; they are a blend.

Take, for example, Argentina’s latest. Barely a year ago, President Mauricio Macri seemed fortified by a mid-term election victory, and the economy was growing at a promising 3.6% annualized rate. Today, inflation is running at 4% a...

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