Trade unions are making more trouble for Argentina’s embattled president
THIS WEEK Argentine trade unions opposed to the government of Mauricio Macri will try to bring the country to a halt. On April 30th they plan to shut down flights, the metro in Buenos Aires, banks and schools. Even hospitals will run reduced “Sunday services”. On the following day, a holiday, unions will lead a rally at the presidential palace, joined by politicians from the Peronist opposition party.
These numbers reflect the Macri government’s tactical mistakes in correcting the populist policies of its predecessors, led by Cristina Fernández de Kirchner and her husband, Néstor Kirchner. A rise in American interest rates, plus a lack of confidence in Mr Macri’s reforms, led to a run on Argentina’s peso last year, which led in turn to a record $57bn loan from the IMF. It has so far failed to steady the economy.
The market’s doubt “has no foundation”, Mr Macri insists. “We Argentines are not going back.” To ensure the truth of this claim, his government has adopted unorthodox economic policies that could test the terms of its deal with the IMF. On April 17th it announced an anti-inflation package, which includes controls on the prices of 60-odd staple foods plus delays in planned price increases for public services, such as transport.
Till now the IMF has tolerated Mr Macri’s unorthodoxy, perhaps fearing that policy would become even less orthodox were he to lose the election. On April 29th the IMF agreed to allow the central bank to intervene earlier and harder to support the peso. It can step in even before the currency weakens beyond 51.5 to the dollar . And if the currency nonetheless reaches that limit, it can now spend more to push it up .
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