Martin Langfield is a columnist and production editor for Reuters Breakingviews, based in New York. He has worked for Reuters since 1987 as a correspondent, news editor and bureau chief, serving in London, Madrid, El Salvador, Mexico, Miami and New York. Martin, who also headed Reuters journalism training programs for three years, studied at Trinity Hall, Cambridge University, graduating with a first-class degree in Spanish and French Languages and Literature. He also studied indigenous literature for a year at Mexico’s National Autonomous University, and is a published novelist.
The president’s support is sinking as the peso dives, inflation persists and poverty rises. Populist nemesis Cristina Fernandez wants to run in October elections, spooking investors. But Macri’s IMF-endorsed policies, even if softened, are likely to endure. He may yet do so too.
The far-right president is finding governing harder than firing off incendiary tweets. A Washington meetup with fellow populist Donald Trump was low on substance, key pension reform is struggling and his popularity has plummeted. Even his predecessor’s graft arrest may not help.
The new president’s plan to trim $270 bln from ruinous social-security spending is smartly aimed. Shoot much higher and supporters and lawmakers might balk entirely; much lower and foreign investors might not take him seriously. Now the congressional haggling begins.