“Thankfully for the people of Argentina, that didn’t happen,” he wrote. “Monthly inflation has come down every month for the past three months, from 25% in December to nearly 10% in March, with forecasters expecting the April figure to come in at single digits. The government did this by turning the 5.5% budget deficit it inherited into the country’s first surplus in over a decade, while boosting the central bank’s reserves, lowering its benchmark interest rates, and reducing the money supply − all without destabilizing currency and financial markets.”
Latin America’s second-largest country and third-largest economy has struggled with economic and political dysfunction for decades. It has defaulted on its sovereign debt nine times. It has borrowed tens of billions of dollars from the International Monetary Fund and, more recently, China as it grapples with economic turmoil.
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