Three shocks threaten the fragile economy

The IMF agreed to a light program with Argentina that could easily be criticized for its lack of scope and depth. It seems that it was a set of policies that represented the minimum common denominator between the demands of the IMF and what the Government offered. Fortunately, it was not an empty set, though not far from it. One could defend the program because, while it required few policy measures, at least it aimed to transit the next year and half without suffering a major deterioration in macro-performance waiting until the next administration takes over. And perhaps then, and only then, a real program might be put together.