Argentina's Big Changes

On December 10th, the newly elected presidente, Mauricio Macri, was sworn into office. We learned that his policies reflect a greater focus on free markets and entrepreneurism while retaining the popular social safety net. It is hoped that this will revitalize Argentina's economy, which has slowed under his left leaning predecessor, Cristina Fernandez Kirchner's, leadership.

We watched the inauguration ceremonies on TV ....


... and next day, we bought a newspaper, La Nacion.


Just a week later, Presidente Macri's Finance Minister announced a major policy change, the removal of the Cepo, or 'block' that had set the official exchange rate between the Argentine peso and the US dollar at about 9.5 to 1. Since there had been a 'Blue Dollar' or 'street' rate of almost 15 to 1, everyone wondered what the new value of the peco would be. By the end of the next day, the rate was 14.3 to 1. For us this was great - suddenly we could buy 40% more pesos with our dollars! We hope it's good for Argentina's economy.


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