On Argentina's program slippage

BCRA balance sheet suggests a return to the same old bad habits

IT IS WELL KNOWN that Argentina has not hit international reserve accumulation targets in the latest Fund program, either the April initiation document nor, highly likely, the revised July version—critiques can be found here and here as well as elsewhere.

At the same time, fiscal policy in Argentina is generally considered a triumph.

For the latter, Pres…