In a place like argentina, i you only depend on loans. And if you have a crisis every ten years, that used to be the normar crisis every four years,. Your whole lending book could blow up if you don't have access to any other type of fees. Why did argentine liberalization attempt under markery fail? Thereis a very big, ungoing debate about that. I think there was a huge divergence between fiscal policy and monetary policy in the first two years of the makry administration. Many of the deep reforms that are gentien and needed lacked, or lack wide consensus.

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