, 5 tweets, 2 min read Read on Twitter
A year ago today, JP Morgan started the run on #Argentina, proving that global financial cycle is stronger than any close friendship between global banks and right wing governments h/t @pablobortz m.ambito.com/365-dias-crisi…
JP Morgan liquidated its LEBAC (central bank paper) positions and took out USD 800 million with no mercy for Macri government, which could have faced a run better at any other point but end April
a year later, Macri government has tried every move in the IMF orthodox playbook, including base money targeting, and it's not working. ftalphaville.ft.com/2019/04/25/155…
and note, contrary to @FTAlphaville piece, that Macri just moved to 'heterodox' measures as last resort, after it tried serious monetary&fiscal austerity for a year
wow, JP Morgan has some nerve hosting events on Macri's failures, when it's known in Buenos Aires as the 'traitor' who pulled the plug on the peso last year, ending its romance with Macri government
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