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I'm John Baxter with the New World Report. Professor Avenelis is traveling. He's on Lima,

Peru's time, but he's very generous to speak of these matters across the continent.

We go right now to Argentina, where there's good news. And I want to

emphasize it because there's other kinds of news from Argentina as well, ever since the charismatic

and spontaneous Malay took the chief executive. Argentina's economy expands 6.3% in the second

quarter. Is that good news, Professor?

It's absolutely good news, John, and it reflects really the difficult but, you know,

effectiveness of the bitter medicine that the way has imposed in order to try to get the

economic problems caused by the policies of the previous current

government under control.

The bitter medicine, in terms of doing deep cuts in spending on transfer payments to the

provinces, something that has really made the provinces up in arms because it's put problems on them. Deep cuts

in the federal government, a slash in the exchange rate, which momentarily caused significant

inflation, but now has gotten inflation under control efforts that Argentina took to get a new

financing package from the International Monetary Fund to stabilize

...