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Argentina Must Not Waste Its Crisis

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To explain Argentina’s chronic instability and episodic illiquidity, one must look beyond idiosyncratic leaders, temporary external shocks, and specific policy mistakes. The answer lies in the country's political system, which has failed to cement institutions that can support long-term development.

WASHINGTON, DC – If you leave Argentina and come back 20 days later, according to a tragically apt joke, you’ll find everything is different, but if you come back after 20 years, you’ll find that everything is the same. Will the country’s likely next president, Alberto Fernández, finally manage to erase that punch line?

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