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Brazil & Southern Cone - November 2011 (ISSN 1741-4431)

ARGENTINA: Adjustment, Kirchnerista style

Some local commentators have dubbed it Cristina’s corralito – in reference to the economic measures being implemented in Argentina in late 2001 by Economy Minister Domingo Cavallo. Others have simply defined it as a “progressive” economic adjustment plan or even as a “nac & pop [national and popular] fiscal retrenchment”, using the government’s own rhetoric in a rather ironic manner. Regardless of how they are described, there is one thing that both local and foreign economic actors agree on: the economic measures have failed to reassure the markets. Indeed, the government has instead fuelled concerns that Argentina’s economy is not doing as well as it’s claimed, with more policy ‘surprises’ on the horizon.

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