Chinese government puts brake on massive currency swap negotiated by former president Alberto Fernández; Beijing awaiting firm signals from Javier Milei’s administration, who stated during campaign that we would not “negotiate with communists."
Because two governments ago the corrupt PRO party took 50 billion in loans from the IMF and many more billions from private lenders. They took the ratio of debt-to-GDP from 29.8% of the GDP to 68.1% of GDP. All while simultaneously killing the manufacturing industry and leaving the economy in recession. By the time their term was over and the new government took office (Dec 2019) COVID hit.
Why is Argentina so depending on Chinese swap money?
Because two governments ago the corrupt PRO party took 50 billion in loans from the IMF and many more billions from private lenders. They took the ratio of debt-to-GDP from 29.8% of the GDP to 68.1% of GDP. All while simultaneously killing the manufacturing industry and leaving the economy in recession. By the time their term was over and the new government took office (Dec 2019) COVID hit.