The current events are just the latest series of issues brought on by the Peron government of the 50s.
The crisis really started in the 50s, when Frondizi attempted "shock therapy" of the Argentinian economy. The government accepted massive loans from the IMF in a standby agreement that stipulated large changes to the country's domestic policies.
These IMF required changes were not politically popular and finally led to the resurgence in Peronism in the 70s (taken advantage of by Operation Condor). Between the 50s and 80s, Argentina would be unable to pay previous administration's debts, leading to further IMF loans with terms unacceptable to the populous, which then gave way to strikes and economic instability. The instability exacerbated the balance of payments problems of the economy, rinse, repeat.
Of course at least one administration tried to stop taking the IMF's "help," but due to the massive debt taken on by Frondizi, and the IMFs control of other international investment; trying to back away from the IMF after getting in bed with them would have destroyed the Argentinian economy just the same.
In the 80s this cycle gave way to neo-liberalism. Basically Menem (another Peronist) started allowing multinational corporations to snatch up the limited natural resources of Argentina. The deregulation of industry and international trade helped the economy in the short term; but didn't provide a long term revenue stream for the country (you can only sell natural resources once).
The 2000s were a brief respite to this economic crisis started decades before, driven by the IMF's unprecedented offer to restructure Argentina's debt and offer 70% discounts on their bonds. But sadly Argentina still has billions in foreign debt it owes, and so recovery would be slow. This led to multiple single term presidents in the 2010s. Finally leading to another Peronist being elected in 2019 (from the Justicialist Party, the largest faction within the Peronists) right before covid.
So, no the economic conditions of Argentina today aren't recent. The wiki page you linked even points out that the 2018 crisis started because of an inability to pay old debts, the problem didn't just start then.
It makes sense they'd elect a "minarchist" after having been failed repeatedly by their government (which was controlled by the IMF and US's respective foreign policies). Sadly I don't think Milei's shock therapy will work and better than Frondizi's, but time will tell.
The crisis really started in the 50s, when Frondizi attempted "shock therapy" of the Argentinian economy. The government accepted massive loans from the IMF in a standby agreement that stipulated large changes to the country's domestic policies.
These IMF required changes were not politically popular and finally led to the resurgence in Peronism in the 70s (taken advantage of by Operation Condor). Between the 50s and 80s, Argentina would be unable to pay previous administration's debts, leading to further IMF loans with terms unacceptable to the populous, which then gave way to strikes and economic instability. The instability exacerbated the balance of payments problems of the economy, rinse, repeat.
Of course at least one administration tried to stop taking the IMF's "help," but due to the massive debt taken on by Frondizi, and the IMFs control of other international investment; trying to back away from the IMF after getting in bed with them would have destroyed the Argentinian economy just the same.
In the 80s this cycle gave way to neo-liberalism. Basically Menem (another Peronist) started allowing multinational corporations to snatch up the limited natural resources of Argentina. The deregulation of industry and international trade helped the economy in the short term; but didn't provide a long term revenue stream for the country (you can only sell natural resources once).
The 2000s were a brief respite to this economic crisis started decades before, driven by the IMF's unprecedented offer to restructure Argentina's debt and offer 70% discounts on their bonds. But sadly Argentina still has billions in foreign debt it owes, and so recovery would be slow. This led to multiple single term presidents in the 2010s. Finally leading to another Peronist being elected in 2019 (from the Justicialist Party, the largest faction within the Peronists) right before covid.
So, no the economic conditions of Argentina today aren't recent. The wiki page you linked even points out that the 2018 crisis started because of an inability to pay old debts, the problem didn't just start then.
It makes sense they'd elect a "minarchist" after having been failed repeatedly by their government (which was controlled by the IMF and US's respective foreign policies). Sadly I don't think Milei's shock therapy will work and better than Frondizi's, but time will tell.
https://en.m.wikipedia.org/wiki/Argentina_and_the_Internatio...
https://www.jstor.org/stable/762284
https://oxfordbusinessgroup.com/reports/argentina/2018-repor...