Argentina on the verge of bankruptcy

Women walk past an image of hundred dollar bills in Buenos Aires on August 14, 2023. LUIS ROBAYO/AFP

STORY – The country, over-indebted, in recession and undermined by hyperinflation, is sinking into crisis.

In Buenos Aires, tango is an antidote to the crisis. Despite the difficulties – hyperinflation, the collapse of purchasing power, the explosion of unemployment and poverty… – the Portenos like more than ever to meet in the “milongas”, these dancing bars of the capital, to forget their daily life. There is something for all budgets, from the most chic to the most popular up to the dance floors set up in the street, like the one on Parliament Square. However, the panorama of the third Latin American economy keeps getting darker.

In its updated forecasts published last week, Cepalc (United Nations Economic Commission for Latin America and the Caribbean) revised downwards growth for Argentina, expecting a decline in GDP of 3% this year and another 1.6% next year. While, conversely, the UN agency increased the figure for the region – + 1.7% against + 1.2% in April – boosted by better prospects for…

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