BUENOS AIRES, Argentina – Argentina had hoped to show off its newly market-friendly economy to the world when the G-20 group of the world’s top economies begins its first South American summit this week. Instead it’s looking for help to avoid an all-out crisis.
The two-day meeting that starts Friday is meant to focus on development, infrastructure and food security, but most of the talk on the sidelines is expected to center on trade disputes between the U.S. and China and the signing of the new North American free trade deal.
Argentina, a darling of Wall Street just a year ago, finds itself hosting the summit while scrambling for international aid to fend off a collapse.
“The original vision for Argentina was to use the G-20 to showcase that it had transformed the economy, and instead it welcomes world leaders to the economic wreckage. So, the timing is inconvenient, to say the least,” said Benjamin Gedan, an Argentina expert at the Woodrow Wilson International Center for Scholars.
“Instead of a showcase, the G-20 is an opportunity to plead for international support.”
Argentina was forced to obtain a record $56 billion credit line from the International Monetary Fund recently following a currency crisis and spiraling inflation. The peso has depreciated by more than half this year and consumer prices are estimated to have risen by about 45 percent. Growing frustration over massive layoffs and poverty has also stoked protests that are expected to re-ignite during the summit. (Fox News)