Argentina’s bankruptcy becomes clearer by the day
We at The Essential have decided to drop our paywall so everyone can access all of our content related to the coronavirus pandemic. To help keep our relevant reporting and coverage free, we have dramatically cut the cost of our subscriptions and we ask that you become a subscriber. Click here to see our new prices and sign up.
Neither the Argentine state nor the country’s private sector have the money to pay their bills.
The country’s recession is deepening further as the country fights the coronavirus pandemic with an almost complete lockdown, which has proven very hard to ease even among first world countries. The accompanying drop in activity is eating away both private and public coffers, leading to bouncing checks, debt defaults and payroll delays, with the prospect of bankruptcies and firings looming close, and mass-scale money printing the sole obvious alternative.