Mauricio Macri appointed a team of brilliant technocrats, then the government ran into trouble
beat them, join them. That seems to be Mauricio Macri’s response to his crushing defeat in presidential primary elections on August 11th. He won 32% of the vote against the 48% secured by the Peronist slate of Alberto Fernández and Cristina Fernández , a populist former president. At first Mr Macri blamed the outcome on the voters for “believing that returning to the past is an alternative”, a scolding for which he later apologised.
One hypothesis is that he erred in trying to stabilise the economy gradually. That decision was political: the hope was that growth would cushion the blow of cuts and big rises in the cost of electricity and transport as Ms Fernández’s huge subsidies were withdrawn. It meant that the government had to finance a still-large deficit, mainly through debt.
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