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Argentina’s Use and Abuse of Keynes

BUENOS AIRES – “We are all Keynesians now,” Republican US President Richard Nixon famously said in 1971. Today, Axel Kicillof, Argentina’s Peronist economy minister, is echoing this sentiment. Is he right?

Kicillof has gained international recognition as the public face of Argentina’s fight against the so-called vulture funds that want to extort full payment on Argentine bonds that they purchased for a few pennies on the dollar. But, before joining President Cristina Fernández de Kirchner’s cabinet, Kicillof was known in Argentine intellectual circles as the author of the book Volver a Keynes (Return to Keynes).