2022 Year in Review
The Year in Review is YDS’ biggest and most exciting publication of the year - featuring analysis that covers the most significant and impactful events that have shaped our world.
The 2022 Year in Review explores key events in all regions, from the overturning of Roe v Wade, the war in Ukraine, and the UK leadership crisis, this year’s edition is not one to miss!
Read it now !
The Year in Review is YDS’ biggest and most exciting publication of the year - featuring analysis that covers the most significant and impactful events that have shaped our world.
The 2022 Year in Review explores key events in all regions, from the overturning of Roe v Wade, the war in Ukraine, and the UK leadership crisis, this year’s edition is not one to miss!
Read it now !
and political sovereignty. Since the 1976-83 dictatorship’s collapse, Peronist partieshave governed for sustained periods oftime. Frente de Todos currently governsas a Peronist coalition between PresidentAlberto Fernández and Vice PresidentKirchner. Despite intermittent periods ofnon-Peronist government, Peronism hasunequivocally dictated Argentina'seconomic and political trajectory.Accordingly, many despise and blamePeronism for Argentina's problems.ARGENTINA'S ECONOMICDEMISEBased upon current economiccircumstances it is difficult to fathom howArgentina was once a wealthy countrywith a comparable economy to Australia.Possessing vast natural resources andfertile agricultural land, Argentina enjoyedeconomic development through anexport driven model in the 19th to early20th century. However, negligent andsporadic Peronist fiscal policies since1946 have squandered Argentina’somparative advantage, erodedconfidence from international investors,and caused successive economic crises.Carlos Menem's Government’s Presidencyduring the 1990s is the most notable eraof Peronist economic mismanagementwhen analysing today's crisis.A Peronist with neoliberal characteristics,Menem infamously privatised state assetsand pegged the Argentine peso to theU.S dollar on a 1 to 1 basis. This aimedto combat inflation, stabilise prices andpromote investment by restoringconfidence in the peso. Initiallyflourishing, the economy grew by 6.1%per annum between 1991-1997 with $24billion of foreign investment.Menem subsequently increased stateexpenditure by 50%. However, Menemrefused to remove the currency pegdespite the economy's eventualdeterioration, as uneven conversionrates, capital flight, and overwhelmingdebt bankrupted Argentina.Menem is therefore causally responsiblefor an Argentine economy that neverrebounded. For foreign investors andmarkets, Argentina’s economy is toorisky, thus creating precariousconditions for economic recoverybecause of negligible capital circulation.THE 2022 IMFAGREEMENTArgentina was already economicallyvulnerable before the flow on effects ofthe 2022 War in Ukraine. Consequently,conditions influenced by Peronisteconomic mismanagement and Covid-19worsened. To avoid defaulting onrepayments, in early 2022 Argentinanegotiated an agreement with the IMF torefinance their 2018 loan.P A G E 1 2 8
Negotiated by former President MauricioMacri, the 2018 $57 billion loan intendedto prevent capital flight, reinforce thepeso, and promote foreign investment.Notably, these issues have persisted sinceMenem, and unsurprisingly theprogramme failed. Upon assuming thePresidency in 2019 Fernández cancelledthe loan, with subsequent private creditornegotiations failing to refinance thealready disbursed $45 billion. Withencroaching debt repayments andinsufficient funds, the Government wasforced to broach a new deal with the IMF.Under the refinancing agreement, debtrepayments were postponed until 2026,with targets including rebuildinginternational reserves and reducing fiscaldeficit. The agreement was approved byArgentina’s Senate and the IMF in March.In October the IMF completed its secondreview of the agreement, allowing therelease of $3.8 billion and contributing toa total of $17.5 billion of disbursements.Argentina's GDP is forecasted to increaseby 0.5% in 2023 and 1.8% in 2024, wellbelow IMF expectations. Signifying theinevitable difficulties in improvingArgentina's economy and repaying theloan.P o l i c e o f f i c e r s a r r e s t a m a n w h o p o i n t e d af i r e a r m a t V i c e P r e s i d e n t C r i s t i n a F e r n a n d e z d eK i r c h n e r o u t s i d e h e r h o m e i n B u e n o s A i r e sP H O T O : T O M A S C U E S T A / G E T T YI M A G E STHE ATTEMPTEDASSASSINATION OF VICEPRESIDENT KIRCHNERDespite enjoying electoral success,Peronism is nonetheless hated by manyArgentines. Peronist economicmismanagement and the current cost ofliving crisis have exacerbated politicalpolarisation, possibly explaining theattempted assassination of Kirchner.On September 1st, Brazilian nationalFernando Sabag Montiel pointed a pistolat Kirchner outside her residence, whichmiraculously failed to fire. A member ofthe far right, Montiel had Neo-Nazitattoos, yet his political motivations forthe attack remain nebulous.P A G E 1 2 9
- Page 86 and 87: 2Secondly,some of the areas through
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- Page 166 and 167: Let us take a look at the Ethiopian
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Negotiated by former President Mauricio
Macri, the 2018 $57 billion loan intended
to prevent capital flight, reinforce the
peso, and promote foreign investment.
Notably, these issues have persisted since
Menem, and unsurprisingly the
programme failed. Upon assuming the
Presidency in 2019 Fernández cancelled
the loan, with subsequent private creditor
negotiations failing to refinance the
already disbursed $45 billion. With
encroaching debt repayments and
insufficient funds, the Government was
forced to broach a new deal with the IMF.
Under the refinancing agreement, debt
repayments were postponed until 2026,
with targets including rebuilding
international reserves and reducing fiscal
deficit. The agreement was approved by
Argentina’s Senate and the IMF in March.
In October the IMF completed its second
review of the agreement, allowing the
release of $3.8 billion and contributing to
a total of $17.5 billion of disbursements.
Argentina's GDP is forecasted to increase
by 0.5% in 2023 and 1.8% in 2024, well
below IMF expectations. Signifying the
inevitable difficulties in improving
Argentina's economy and repaying the
loan.
P o l i c e o f f i c e r s a r r e s t a m a n w h o p o i n t e d a
f i r e a r m a t V i c e P r e s i d e n t C r i s t i n a F e r n a n d e z d e
K i r c h n e r o u t s i d e h e r h o m e i n B u e n o s A i r e s
P H O T O : T O M A S C U E S T A / G E T T Y
I M A G E S
THE ATTEMPTED
ASSASSINATION OF VICE
PRESIDENT KIRCHNER
Despite enjoying electoral success,
Peronism is nonetheless hated by many
Argentines. Peronist economic
mismanagement and the current cost of
living crisis have exacerbated political
polarisation, possibly explaining the
attempted assassination of Kirchner.
On September 1st, Brazilian national
Fernando Sabag Montiel pointed a pistol
at Kirchner outside her residence, which
miraculously failed to fire. A member of
the far right, Montiel had Neo-Nazi
tattoos, yet his political motivations for
the attack remain nebulous.
P A G E 1 2 9
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