ARGENTINA IS FAMED as much for its financial crashes as for its juicy steaks and nifty footballers. But even compared with its usual performance, 2018 was a particularly miserable year for the economy. The worst drought in 50 years wrecked the corn and soyabean harvests, knocking 2% off GDP. The peso lost half its value against the dollar, pushing inflation to 46%. That tipped the country into its second recession in three years and led to a crisis that forced it to seek one of the largest credit lines in the IMF’s history. The approval rating of Mauricio Macri, the president, is at an all-time low. But as the year ends, there are reasons to hope that 2019 will be better.
The crisis of confidence has embarrassed Mr Macri, who was elected in 2015 on a promise to put Argentina’s economy on a firmer footing. In May of this year, with US Treasury yields rising and the dollar strengthening, foreign investors began to yank…
