Without opposition, Argentina asked the International Monetary Fund (IMF) for a loan that would allow it to stop the run on the peso. Macri and his Finance Minister Nicolas Dujovne congratulated themselves for their elegant solution. The Argentine press continued focused on futbol (soccer) and TV actresses's asses.
Dujovne repeated some smart-sounding nonsense imbecilities like "gradualismo es hijo de algo superior, pragmatismo" and "se armó un clima de angustia en la sociedad porque ir al Fondo trae el recuerdo de otras épocas en las que se acudía en otras condiciones." Meaning: "They tried to create a climate of fear, because the IMF bring back the memories of other times".
No one tried to bring back memories to me, they arrived by themselves. I remember the seventies in Buenos Aires, the mass street demonstrations against the arrival of a IMF representative, followed by sanguinary repression by mounted gendarmes. The IMF demanded immediate devaluation of the peso, to free up the system of controlled prices for basic foodstuffs. It imposed freezing salaries in a Weimar-like inflationary economy. Argentine working class, having enjoyed Peron's populist policies, found themselves starving and without money to buy the traditional end of year "pan dulce".
The consequence of the IMF's recessionary regime caused widespread suffering and the fall of the government, and eventually the return of Peron to power.
Like everything, IMF's rule in Argentina was corrupt. Finance Minister Kruger Vasena, being in the secret of coming devaluation, bought up many estancias and factories, all to be paid in pesos. Worthless pesos.
Dujovne repeated some smart-sounding nonsense imbecilities like "gradualismo es hijo de algo superior, pragmatismo" and "se armó un clima de angustia en la sociedad porque ir al Fondo trae el recuerdo de otras épocas en las que se acudía en otras condiciones." Meaning: "They tried to create a climate of fear, because the IMF bring back the memories of other times".
The consequence of the IMF's recessionary regime caused widespread suffering and the fall of the government, and eventually the return of Peron to power.
Like everything, IMF's rule in Argentina was corrupt. Finance Minister Kruger Vasena, being in the secret of coming devaluation, bought up many estancias and factories, all to be paid in pesos. Worthless pesos.
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