Nicolás Cachanosky

  Argentina has had more IMF programs than almost any country in history. The count depends on how one tallies arrangements, waivers, and extensions, but the number exceeds twenty. The pattern is consistent: a crisis, a program, initial stabilization, eventual collapse, and a return to the Fund. The standard explanations cycle through familiar territory — […]

  The IMF’s Board recently approved $1 billion in new disbursements to Argentina. The accompanying Staff Report and Selected Issues Paper are worth reading carefully — they are technically sophisticated, broadly fair to the Milei government’s achievements, and candid about the risks ahead. But they are also worth reading for a different reason: at several points, the documents’ own […]

The puzzle that keeps repeating Argentina has tried to stabilize its economy before. It has done so under military governments and democratic ones, under heterodox programs and orthodox ones, under economists who believed in markets and politicians who did not. Each episode produced a period of relative calm. Each period eventually ended the same way. […]

  How do you get from a distorted economy to a free market without the transition destroying the reform itself? The recent public clash between President Javier Milei and businessmen such as Paolo Rocca over a pipeline contract exposes a deeper question that every market-oriented government must eventually confront: How do you actually get from […]

  In early 2025, revelations emerged that Argentine President Javier Milei had promoted $LIBRA, a cryptocurrency that subsequently collapsed and left thousands of investors with significant losses. The evidence that came to light over the last few days points to a knowingly and voluntarily participation by the president and his closest staff. For many outside observers, the […]