RIO DE JANEIRO, BRAZIL - Economic activity in Argentina collapsed during the ill-fated year of 2020. Official data show a 10% contraction, the most severe on the continent along with Peru's if the Venezuelan catastrophe is excluded. In 2002, when Argentina collapsed, the drop was only slightly higher: 10.9%. Inflation is very high (38.5% in the last twelve months and rising), the currency keeps depreciating, Central Bank reserves do not reach US$3 billion and 4 out of 10 Argentines live in poverty. The macroeconomic picture is very alarming.
Argentina, however, is used to bankruptcy and recovery . . .