How Argentina’s financial tango could become a dance of death

- By Marcello Minenna
- @MarcelloMinenna
- 05 Jun 2024

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Argentines know how to tango, with dancers moving in close or open embrace, and each relying on the other to co-ordinate a sequence of moves.

But a rather different type of tango has been playing out in recent years in the country’s fiscal and monetary systems. And this partner dance, involving a relentless manipulation of accounting by the finance ministry and the central bank, is not strictly ballroom.

Since 2015, the Central Bank of Argentina (BCRA) has been issuing peso-denominated bonds to

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