STRONG WINDS OF CHANGE IN ARGENTINA
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Change in Argentina takes hold
Argentina has been dealt a winning hand after 70 yrs of failed policies which removed it from its peer group, Australia and Canada into a economic basket case and a social disaster.
With corruption so high it would make your eyes water, and abject record poverty hiding behind lying statistics most investors have given up long ago and concentrated on the more progressive economies of Chile, Peru, Paraguay and Uruguay. The general consensus was the past Kirchner Government was mimicking Venezuela’s slide to the bottom.
However Argentines sick of being the butt of its more progressive neighbours jokes and looking more like the poor cousin of its more forward looking neighbours has at last voted for change and has it got it.
In only one week one can feel the level of optimism in the streets and read of the daily positive changes in all of most important newspapers.
Instead of looking at its past as it once did it now looking to the future. We believe that maybe this time they actually might mean it.
Time will tell but if investors feel the rule of law might actually mean that, they will return in droves.
Gateway to South America – Argentina
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If Argentina’s new centerist President, Mauricio Macri, lives up to his pre-election promises, the second-largest economy in South America, will revert to orthodoxy and move from chaos to a sustainable path. Macri’s victory marked the end of the 12-year Kirchner era, characterized by wild inflation, obscene levels of corruption, huge public deficits and unsustainable subsidies. The former mayor of Buenos Aires now faces a huge task to turn the economy around and strengthening the weakened institutions. I am very hopeful that recovery will come, but the road could be long and bumpy. Those who know Macri have no doubt he is up to the job.