Santa Claus does not bring good news: inflation going up and reserves coming down

In the last few days the country was shocked by a series of police rebellions and mutinies in various provinces that were requesting improvements in their salaries and working conditions. The problems started late last week in Cordoba, and the lack of security in the streets led to looting in supermarkets and appliance stores. Neither the provincial nor the national authorities responded quickly enough to the new developments and the rebellions spread to most provinces and to some important cities such as La Plata and Mar del Plata in the province of Buenos Aires.

These episodes are worrisome in two ways. First, it is a political problem because it undermines the power of the new chief of Cabinet and of many of the governors who suffered the police rebellions.