This was doable at first bc of market honeymoon, then bc of massive IMF support. But in the end all it did was dig the hole deeper, with big rise in foreign debt and discrediting of neoliberalish reformers. 4/
And also unwilling to allow rapid peso depreciation both because of inflationary impact in a country with history of inflation, and bc of dollar-denominated debt. Instead, he resorted to more foreign borrowing 3/ https://t.co/hMUu4nkEsP
The textbook answer is fiscal consolidation plus currency depreciation, so that net exports make up for the fall in domestic demand. But Macri either wouldn't or couldn't bite the bullet — unwilling to take the heat for large budget cuts 2/
Crying for Argentina: I'm trying to understand the mess, and I have a first-pass sketch of a story. As I understand it, when Macri took office he already had a twin-deficit problem: budget and foreign, with significant current account imbalance 1/
El "nuevo Boca" parece haber empezado con un paso en falso. Dejó ir a Cardona, el jugador más talentoso que tenía. Habrá que ver como sigue la lista de la "renovación".
Tocayo @patoalbacete manda apoyo a @ferugby para que se haga justicia tras lo acontecido vs Bélgica ayer y que nos oigan en @WorldRugby Se que igual que yo crees en los valores del rugby y esto no se puede quedar así
Comunicado: Aunque World Rugby no asigna los oficiales de juego para el Rugby Europe Championship, está en contacto con Rugby Europe para entender el contexto de los acontecimientos relacionados con el partido Bélgica - España del pasado domingo ... 1/2