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Source: The Financial Times
By: Benedict Mander
Few countries have so dramatically spurned international investors only to woo them back again as assiduously as Argentina is doing. The next important milestone for President Mauricio Macri, whose election victory last year triggered intense interest from investors, will come if — as expected — the International Monetary Fund next month lifts an unprecedented censure it slapped on the previous populist administration in 2013 for fiddling statistics.
How did Argentina manage to win back investors so quickly?
In a word, credibility. Mr Macri, a former businessman, appreciates the importance of regaining market confidence. Indeed, reform of the state-run Indec statistics institute is one of the pillars of this trust-building strategy. When the Indec announced last month that poverty levels were at 32.2 per cent of the population, compared to the previous administration’s claims last year of 5 per cent, many observers who value the truth (perhaps perversely) saw this as good news.
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