After returning to financial markets in 2016, Argentina asked for IMF financing in 2018 and defaulted on its peso-denominated short-term debt in 2019. This article describes this latest short-lived cycle of external indebtedness and default. The Macri administration that came into power in December 2015 embarked on a path of financial liberalization, external indebtedness, rising public utility tariffs and increased profitability in the agricultural sector, with the aim of lowering inflation, attracting foreign direct investment and promoting economic growth. Vulnerabilities arose because of the combination of financial deregulation, external indebtedness in foreign currency, inflows of volatile short-term financial capital, capital flight by domestic residents, and the government's flawed reaction to a currency crisis in 2018. The IMF programme failed to attack the causes of the crisis, while plunging the country into a severe recession and a debt default. Notwithstanding the successful renegotiation of external debt with private creditors in 2020, the new Argentinian administration still faces serious challenges if it is to lift the economy out of stagnation.

中文翻译：

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旧周期与新漏​​洞：金融放松管制与阿根廷危机

阿根廷在 2016 年重返金融市场后，于 2018 年向 IMF 申请融资，并在 2019 年违约了其以比索计价的短期债务。 本文描述了最新的短期外债和违约周期。2015 年 12 月上台的马克里政府走上了金融自由化、减少外债、提高公用事业关税和提高农业部门盈利能力的道路，目的是降低通货膨胀、吸引外国直接投资和促进经济增长。由于金融放松管制、外币外债、波动性短期金融资本流入、国内居民资本外逃以及政府对 2018 年货币危机的错误反应等综合作用，脆弱性出现。国际货币基金组织的计划未能解决危机的根源，同时使该国陷入严重的衰退和债务违约。尽管2020年与私人债权人成功重新谈判外债，但阿根廷新政府要想使经济摆脱停滞，仍面临严峻挑战。