Forbes reports Argentina devalued its peso last week, by 15%. They note that the Cristina Kirchner government shows no signs of trying to get inflation under control.
COTTonLINE wishes we could experience surprise at this news, alas we cannot. Argentina has suffered recurring bouts of Peronist populism ever since dear old Juan and hot young Evita were in power.
Argentines are committed to continuing government handouts; handouts the government cannot afford to give and cannot refuse without losing power. Kirchner is unable to cut government spending and employment; these constitute her governmental raison d'etre, her reason for existence in office.
Don't cry for the Argentines, politically they are their own worst enemy.
