To Macri supporters and to some believers in Argentina as an investment story, this time is different. Both Lula in Brazil and Kirchner in Argentina were backed by the public in their disdain for IMF economic diktat. The central bank hiked interest rates twice in a five-day stretch, now holding at 40% for the base rate in Argentina. Eventually, Macri's central bank has to reverse these astronomically high interest rates because any downside risks to growth will undermine his government. If the IMF program is not successful, Macri will face and likely fall to a Kirchner-like challenger in 2019.

Source: Forbes May 09, 2018 15:43 UTC