How Argentina’s financial tango could become a dance of death
Central bank and government’s unholy alliance is storing up further trouble for economy
Argentines know how to tango, with dancers moving in close or open embrace, and each relying on the other to co-ordinate a sequence of moves.
But a rather different type of tango has been playing out in recent years in the country’s fiscal and monetary systems. And this partner dance, involving a relentless manipulation of accounting by the finance ministry and the central bank, is not strictly ballroom.
Since 2015, the Central Bank of Argentina (BCRA) has been issuing peso-denominated bonds to
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