The black-market money changers and their cries of “cambio, cambio” resound along Buenos Aires’ famed Florida Street. Four years ago, President Mauricio Macri did away with the foreign currency controls imposed by his populist predecessor, only to reinstate them in what would turn out to be the final weeks of his presidency.
The return of the cepo, the monthly limit of now just $200 that locals can legally buy with their inflationary pesos, is just one of the signs that Latin American politics from Mexico to Argentina are in a state of flux and governments of all stripes are on the defensive against popular discontent.
Mr. Macri’s 2015 election was supposed to be part of the ebbing of the region’s “pink tide,” but now he will step aside for elected leaders including longtime leftist standard-bearer Cristina Fernandez.
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