Argentina’s Macri Has a Tough Road Ahead

But this was the easy stuff. To consolidate Argentina’s wan recovery, Macri now must push structural reforms — starting with the rigid labor law — by cajoling congress, where adversaries led by the aggressive Peronists hold the edge and have tasted blood.

Consider the December agenda, when a modest proposal to calibrate the way retirement benefits are calculated — a measure that would barely nick the country’s generous pensions and save the treasury little — met fierce pushback. Buenos Aires, which is not just the Argentine capital but a political boombox, saw the number of street protests spike 32 percent last year.

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