What’s going on in Argentina?

The following article is, like several we have already translated, from the left communist blog, Nuevo Curso. The background is that after 5 years of austerity the government of Prime Minister Maurizio Macri has fallen foul of the global economic crisis and its latest fallout. A year ago he was hailed as the saviour of Argentina when, despite Argentina’s multiple defaults in the last century he launched a 100 year bond offering an interest rate of over 7%.