How Argentina Crept to the Threshold of Crisis, Again

Hobbled by recession and one of the world’s highest inflation rates, Argentina may be lurching toward the next in a series of economic crises afflicting the country over the last 70 years, Reuters reported. Consumer prices streaked more than 54 percent higher in the 12 months through March in defiance of central bank efforts to control inflation, fueling poverty and further damaging a business climate blighted by nose-bleed high borrowing rates. The peso, which lost 50.5 percent of its value against the U.S. dollar in 2018, has shed another 15 percent so far this year, prompting the central bank on Monday to ease limits on foreign exchange market interventions. The situation is threatening President Mauricio Macri’s chances of being re-elected in October. How can this be happening again in a country that was once richer than all its Latin American neighbors combined? Read more