Argentina: Macri Had A Dream. It’s Fading Fast.

When Argentina's President Mauricio Macri first took office in 2015, he told the country that "a dream is being achieved." Elected with a strong mandate for change, he was poised to move Argentina beyond a generation of boom-and-bust economic mismanagement, even if that meant imposing a little pain along the way.

Just over three years on, that dream is looking more like a nightmare.


His early reforms – floating the country's currency, cutting subsidies, and reducing government spending – weren't popular, but they started to drag the country out of a recession by 2017, and things were looking up.

But when investors began to worry that things weren't as rosy as they seemed, Argentina was plunged into a fresh currency crisis early last year. Mr. Macri was forced to seek help from international lenders, recalling precisely the past humiliations he had promised to avoid.

Now, as he looks ahead to elections this October, his approval rating has fallen from 71 percent in 2016 to just 30 percent today. Nearly one-third of Argentines are living below the poverty line, the highest figure registered in recent years. Last week, the government introduced nationwide price controls on basic goods and public services in a somewhat desperate bid to shore up political support.

One big question is whether all of this will help out former President Cristina Fernández de Kirchner, who is looking to return to power despite a slew of corruption charges against her. Her left-wing, protectionist policies were ruinous economically, but Ms. Kirchner enjoyed strong support from the working class and rural poor. Argentina's lousy experience under Macri means she could pose a stiff challenge if she makes it to the runoff in November.

The lesson: Democratically-elected reformers are always making a gamble that short-term pain will give way to better days ahead of the next election. That could still be true for Macri, but he is running out of time, fast.

In 2012, the United States created the Deferred Action for Childhood Arrivals (DACA) program to protect these young people from being deported. Yet just five years later, the program was rescinded, putting close to 700,000 DACA recipients at risk of being banished from the only home they've ever known. More than five dozen of these DACA recipients at risk are Microsoft employees. These young people contribute to the company and serve its customers. They help create products, secure services, and manage finances. And like so many young people across our nation, they dream of making an honest living and a real difference in the communities in which they reside. Yet they now live in uncertainty.

Microsoft has told its Dreamers that it will stand up for them along with all the nation's DACA recipients. It will represent them in court and litigate on their behalf. That's why Microsoft joined Princeton University and Princeton student Maria De La Cruz Perales Sanchez to file one of the three cases challenging the DACA rescission that was heard on Nov. 12 by the United States Supreme Court.

Read more on Microsoft On The Issues.

Last week, French President Emmanuel Macron said that NATO was experiencing "brain death," citing a lack of coordination and America's fickleness under Donald Trump as reasons to doubt the alliance's commitment to mutual defense. NATO – the North Atlantic Treaty Organization – was formed in the wake of World War II as a counterweight against Soviet dominance in Europe and beyond. Its cornerstone is that an attack on one member is considered an attack on all. But disagreement about burden sharing has gained increasing salience in recent years. In 2014, the bloc agreed that each member state would increase their own defense spending to 2% of their respective GDP over the next decade. But so far, only seven of 29 members have forked out the money. Here's a look at who pays what.

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