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Argentine President Milley was so anxious that he found himself in an increasingly difficult situation, so he turned to China and the IMF for loan support, only to find that the two institutions that had seemed friendly to him rejected him all at once, and more than once, much to his confusion and despair.
So what exactly has Argentina gone through, and why has he suddenly become so "unpopular"?
When Milley opened his mobile phone every time, he saw that it was full of dissatisfaction with him, some people even called him a "traitor", and some people called him a "puppet" and asked him to step down, which made Milley also feel very irritable, but he didn't know what to do, what would happen to Argentina?
1. There is no way to call for help.
The economy was once very prosperous, and the people in the country were very happy, but in 2018, suddenly Argentina's economy had a big fluctuation, which made Argentine President Milley very worried, and he knew that this problem could not be solved in a while.
But Milley has no choice, he also thought of many methods, but the effect is not very good, in order to be able to mobilize the domestic economy, and in order to be able to improve the lives of the people, Milley thought of the country that had helped Argentina before, that is, China, after all, China has never failed them, so Milley thought of China.
But Milley found that China is now very different from before, China is now the world's largest economy, and if he lends money to Argentina, it is not that he is unwilling, but a little powerless, because now China's economy is also experiencing some problems, and there is a strong opponent of the United States staring at it, and China's foreign exchange is not very abundant, which Milley did not take into account.
Although China finally agreed to give Argentina a loan, the amount of the loan to Argentina was much less than Milley wanted, and Milley had no choice but to change Argentina's national foreign policy to "neutrality", so that more countries would be willing to help Argentina.
But just when Milley thought he was going to make Argentina recover, Milley received an urgent message, which was that the IMF would not lend to Argentina, which made Milley very surprised, he didn't know why the IMF was like this, after all, they had cooperated before, so Milley called the president of the IMF to find out what happened.
The IMF managing director said to Milley: "Argentina's foreign debt is already too high, and your foreign exchange reserves are only $19 billion, which is simply not enough for you, so we will feel that your debt is no longer suitable for borrowing."
"I know Argentina is in a very difficult time, but I believe we can get through it, and if you give us another chance, we will definitely change," Milley told the IMF managing director.
After listening to Milley's words, the IMF managing director thought for a while, and then said: "Now the whole world is watching you, but you are exchanging your own currency for dollars, which depreciates the value of your own currency, which is why your economy is so sluggish, so we don't lend to you, so if you want to save the situation, you must take some effective measures."
After listening to the IMF president's words, Milley was a little stunned, according to the IMF president's meaning, is Argentina's economic recession because they have depreciated their currency, is this the reason for Argentina?
2. Wealth looting.
Milley was very puzzled by the IMF president's words, but he also felt that what the IMF chief said seemed to have a certain truth, after all, the IMF president was a very economically minded person, and he himself was just a person who had studied economics, so he wanted to prove that the IMF president's words were right.
So Milley gathered his economic team, and then told them about some suggestions given to him by the IMF president, and then asked them what they thought, and the head of his economic team said to Milley: "President Milley, I think what the IMF president said is not unreasonable, we do have some people now, using our local currency and the dollar to exchange, which has led to the value of Argentina's local currency is very unstable, so our economy will be sluggish."
Milley said to the head of his economic team, "So what do you think we should do?"
The head of his economic team told Milley: "I think we should stop issuing local currency right now, and then we have to cut government spending, so that we can recover more dollars, and then we can get back the dollars that have been converted, so that we can have a certain degree of mitigation of our local currency, and then we can also achieve self-regulation of our local currency."
After listening to the words of the head of his economic team, Milley was a little pleased, he thought that such an approach was still very likely to change the economic situation in Argentina, so Milley immediately implemented the words of the head of his economic team, and he also took some measures, that is, to sell some of Argentina's public assets, and then convert these dollars into local currency, so that Argentina's economic problems can be solved to a certain extent.
3. The attitude of the IMF and China.
However, Milley's actions did not improve Argentina's economic situation, but on the contrary, made Argentina's local currency even more worthless, which led to inflation in Argentina, and also led to social instability in Argentina, because the Argentine people were very dissatisfied with Milley's actions.
Not only are the Argentines unhappy with him, but even the parliamentarians of their country are unhappy with Milley's actions, because they believe that Millay's actions will not improve the Argentine economy, but will make the Argentine economy even worse.
Therefore, they asked Milley to resign, but Milley thought that everything he did was for the good of the country, so that the country could get out of the predicament as soon as possible, but their parliamentarians did not think of this, so they impeached Milley, but the result of the impeachment was not passed, so the Argentine country was divided.
Some parliamentarians support Milley, they think that everything Milley does is for the good of the country and let the country get out of the predicament as soon as possible, but others think that everything Milley is doing is wrong, they think that Milley is looting the wealth of the country's people, so they rebel against Milley.
Now Millet had to make some concessions to their parliamentarians, so he reversed some of the measures he had taken, but after a survey of the country's economy, Milley found that Argentina's economic situation was getting worse and worse.
Because the Argentine government owes large debts to sovereign countries and financial institutions, and the country's foreign exchange reserves are only a few billion dollars, which is very insufficient for Argentina, and Argentina's debt has been increasing, which has led to Argentina's economic downturn, but also to Argentina's inflation.
epilogue
Argentina's economy in 2019, compared with 2018, is still better, thanks to some measures taken by Milley, but this has not improved Argentina's economic situation, but also made Argentina's inflation, so Argentina's economic situation is still very sluggish.