How the Global Financial System Is Hobbling South America’s Response to COVID-19

Argentina’s public health response to COVID-19 was far better than Jair Bolsonaro’s disastrous mismanagement in Brazil. Yet as the two countries seek to rebuild, both are enfeebled by their subordinate place in the global financial system, a subordination that is threatening to turn today’s shock into a protracted crisis.

Argentina Economic Turmoil

The front of the Central Bank of Argentina. (Ricardo Ceppi / Getty Images)


In the past few weeks, both Argentina and Brazil have hit the headlines — but for very different reasons. Argentina is praised for its early lockdown which, at over ninety days so far, is currently the longest in the world, and for its relatively low number of deaths and cases (1,043 and 44,931 respectively to date).

Brazil, in contrast, drew attention because of President Jair Bolsonaro’s dangerous dismissal of the pandemic, which he termed a “little flu.” His response has been swamped in chaos: his sacking of the health minister was followed in less than a month by the resignation of his successor, while he has also publicly fought governors who imposed a lockdown, and openly attacked democratic institutions by calling for a military intervention in Congress and the Supreme Court.

Indeed, Brazil is in the midst of a political crisis, and the total number of deaths and cases, currently at 51,271 and 1,106,470 respectively, is still rising steeply — making the entire region the premier COVID-19 hot spot. Even the official figures are now in question, with Bolsonaro ordering that case numbers should no longer be reported and data erased from the official site.

This article is for subscribers only. Please login or subscribe to access our full archives and beautiful print and digital magazine starting at just $3 a month.