Socialists always double-down on failure. It's all they have.
From Grant's Almost Daily:
"Argentina is one such specimen, with Bloomberg noting that based on credit default swaps, the implied probability of default over the next five years had risen to 61% this morning. The country is beset on all sides, with runaway inflation (CPI rose 54.7% year-over-year in March) occurring in tandem with a sharp economic contraction as fourth quarter GDP fell 6.2% year-over-year. Even with a $56 billion bailout from the International Monetary Fund last year (the IMFs largest ever), the Argentine peso continues to sink, now trading at 45 per U.S. dollar, compared to less than 21 a year ago.
With Argentina’s economy on the ropes, an unfriendly face (to investors at least) looks to return to the scene. Left-wing former President Cristina Fernández de Kirchner appears eager to reclaim her old job, releasing a new book tomorrow titled “Sincerely.” Fernández, who oversaw Argentina’s prior descent into default in 2014 and famously feuded with creditors including Elliott Management thereafter, currently enjoys the upper hand. An April poll conducted by Buenos Aires-based consulting firm Elypsis showed 44% of respondents with a positive view of the former president, compared to 28% for the more market-minded incumbent Mauricio Macri."