It is easy, of course, to be ironic about Argentina's latest financial crisis. Just think: this is a country that has defaulted three times on its sovereign debt since the beginning of the century and, on average, has had a program with the International Monetary Fund (IMF) every three years since 1958. Since 2018, Argentina has also held the record for the largest credit line ever granted by the IMF ($57 billion). It remains its largest debtor to date (34% of total outstanding loans). 

Jérôme is Professor of Political Economy at Sciences Po.

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