Argentina’s struggle for financial stability

Cristina Fernández de Kirchner or as media refer to her ‘CFK’ is what one might call a charismatic president. She took office 2007 after her husband and former president Néstor Kirchner suffered from a heart attack. She was elected by a 45% support from the electorates. However that was about to change when the support declined rapidly in the beginning of her time in office due to several reasons. Argentina’s governance is based on a presidentially rule which means that CFK possesses most of the executive power and thus basically makes the final call.

After Argentina suffered from a major financial crisis back in 2001 the country has been subject to balance of payments problems. Even if the problems seemed to be attacked and dealt with it was only short term solutions because Argentina actually still faces similar issues they did 10 years ago. Even with a couple of years with economic growth people tend to react and vote from their present situation. In spite of the economic growth the citizens of Argentina cannot see any structural changes regarding socioeconomic conditions. The rich gets richer and the poor gets poorer, some claims.

One might argue that the population would hold CFK accountable due to the public dissatisfaction that appears to exist, but of course she has support from the ‘kirschneristas’. The dissatisfaction shows especially amongst the youths which seems to blame CFK for the tough economic situation of the country. This is not something which is significant for Argentina. The world is experiencing tough times with recessions maybe because of the increased globalization of the international political economy. Still CFK was reelected back in 2011 with 55% support from the electorates.

As I discussed before, Argentina appealed just a couple of days ago to the US Supreme Court against a lower count ruling over outstanding debt payments. The Supreme Court’s decision was not to review. Things are not looking so bright for Argentinas economy at the moment. CFK has just recovered well from a medical treatment (the removal of a subdural haematoma). She is now in a stable condition after the surgery and will soon be back in office where she has many problems to face.

When political bargaining are taking place in Washington, it is highly likely that the outcome of what happens next will have a major impact on Argentina, as the rest of the global economy. The next days will hopefully give us some answers. Or will the lack of consensus and ‘idiocracy’ of Washington keep the world in a vacuum for another few weeks?

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Kategorier: Argentina, Demokrati, Ekonomisk utveckling, Latinamerika
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Om Daniel Rosell

Är 24 år och studerar statsvetenskap med inriktning på europastudier vid Linnéuniversitetet i Växjö. Jag har ett genuint intresse för utvecklingsrelaterade frågor såsom bistånd, som jag även skulle kunna tänka mig att jobba med i framtiden. I oktober åker jag och en studiekamrat till Buenos Aires för att undersöka det civila samhället, fältstudien skall fungera som den empiriska delen till vår kandidatuppsats. Min förhoppnings är att kunna publicera analytiska och intressanta rapporter om vistelsen i Latin Amerika.

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