Paul Krugman

@paulkrugman ↗

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Last Checked Sept. 22, 2020

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Tue Sep 03 14:29:50 +0000 2019

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Paul Krugman @paulkrugman

The textbook answer is fiscal consolidation plus currency depreciation, so that net exports make up for the fall in domestic demand. But Macri either wouldn't or couldn't bite the bullet — unwilling to take the heat for large budget cuts 2/ — PolitiTweet.org

Posted Sept. 3, 2019 Hibernated

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Paul Krugman @paulkrugman

Crying for Argentina: I'm trying to understand the mess, and I have a first-pass sketch of a story. As I understand it, when Macri took office he already had a twin-deficit problem: budget and foreign, with significant current account imbalance 1/ https://t.co/7o934Ec1dV — PolitiTweet.org

Posted Sept. 3, 2019 Hibernated

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Paul Krugman @paulkrugman

And also unwilling to allow rapid peso depreciation both because of inflationary impact in a country with history of inflation, and bc of dollar-denominated debt. Instead, he resorted to more foreign borrowing 3/ https://t.co/hMUu4nkEsP — PolitiTweet.org

There will be much written on the errors made by Macri (and likely the IMF). But the most obvious one was a simple… https://t.co/RpFQ3TnHt8

Posted Sept. 3, 2019 Hibernated