Yet Argentina is pushing the model to its breaking point. In 2018 the imf took a gamble and offered the country a bail-out worth $57bn, the fund’s biggest ever. At the time, many observers thought it was too much for a country with Argentina’s patchy track record. It turned out also to be far too little to fix the country’s economy. The imf lends to the world’s unstable economies as a “preferred creditor”. If a country only has a little cash, it is the first to be repaid. It never takes a loss during debt restructuring. This lets it and other multilateral institutions, including the World Bank, hand out cheaper rescue packages. Argentina cannot afford its bills; the imf cannot cut the debt it is owed without forfeiting its status as preferred creditor. The result is a stalemate. Will the new president fix the economy with the “divisive” politics in the country ?

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