In most of the world, the International Monetary Fund is just a multilateral financial institution. In Argentina, in contrast, the fund is a fundamental and highly controversial part of economic and political life. As if to highlight that, the country’s ruling Peronist coalition is currently unraveling from internal divisions following a recent agreement between the government and the IMF, approved only weeks ago. The Peronists returned to power in 2019 due to a clever political move by former President Cristina Fernandez. Aware that she herself was too polarizing, she anointed Alberto Fernandez—a moderate who is no relation—as presidential candidate, while she [...]
LA PAZ, Bolivia—With the swearing-in of Chilean President Gabriel Boric last month, the three countries of Latin America’s so-called lithium triangle—Chile, Bolivia and Argentina—all have leftist leaders who want their governments and citizens to benefit more from the extraction of their countries’ natural resources. At first glance, this could present an opportunity for the three countries to push for the creation of an OPEC-style price-setting cartel for lithium. They are all rich in the coveted resource, and there has been speculation about them banding together to form such an organization for years. But key differences between the oil and lithium [...]
Following nearly three years of debate, Costa Rica finally legalized medical cannabis on March 2. Upon signing it into law, outgoing President Carlos Alvarado said that the bill—which legalizes medical marijuana and the cultivation of hemp for industrial purposes, but still restricts its recreational use—would be a “great benefit for the country.” However, to what extent medical cannabis legalization, and potentially recreational legalization, will be a positive development for Costa Rica or serve as a model for the broader region remains to be seen. Costa Rica’s medical marijuana legislation has been years in the making. As early as 2014, a survey [...]
