11 December, 2019
 Posted by Ac2ality

Argentina’s Peronist left returns and the economic crisis

Give me context… The Peronist Alberto Fernandez is the new president of Argentina. Now, he will have to deal with the huge economic crisis in the country after the departure of his predecessor Mauricio Macri (center-right).

Peronism? It is a left-wing political and social movement created in the 1940s by Juan Perón (former president). It focuses on:

  1. Social justice.
  2. Worker’s rights.
  3. Protectionism: avoids international support from big economies.

Why is the Argentine economy so fragile?

  1. Politicians have changed the system every 10-15 years. Some close the country, others open it…
  2. Deficit: Argentina spends more on goods and services than it receives.
  3. Their currency (pesos) has lost more than 50% of its value in 1 year.
  4. External debt: Macri requested a bailout to the International Monetary Fund (IMF) of $56.3 billion.

What now? Alberto assured a “deep reform” of the State and said that his top priority would be to fight against hunger and poverty.

One comment on “Argentina’s Peronist left returns and the economic crisis”

  1. Jovan Rasberry

    I have not checked in here for a while since I thought it was getting boring, but the last several posts are good quality so I guess I?¦ll add you back to my everyday bloglist. You deserve it my friend 🙂

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