Until US President Donald Trump and his Treasury Secretary Scott Bessent intervened, Argentina was in a death spiral that, had it continued for much longer, would in all probability have had quite devastating consequences for millions of people. As Adam Smith once said, “there is a great deal of ruin in a nation” – by which he meant that utterly bankrupting one could take far longer than many supposed – but Argentina did seem to be fast approaching the end of a road already travelled by Venezuela.
It certainly looked as though President Javier Milei’s dithering government had lost its grip on events and that was why the peso was losing value by the minute, reserves were dwindling at an alarming rate and – to the explicit delight of Cristina Fernández de Kirchner – yet another default seemed all but inevitable. But then, like dei ex machina, two of the world’s most powerful men decided to step in and save the country from the unhappy fate it was plunging towards.
They had good reasons for doing so: they und
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