Stiglitz: 'Macri bet the house and lenders followed him blindly'

Famed economist and mentor to Martín Guzmán offers his take on renegotiation of Argentina's debt, questioning creditors and criticising the Mauricio Macri government.


ECONOMY | TODAY 12:19

Famed economist and mentor to Martín Guzmán offers his take on renegotiation of Argentina's debt, questioning creditors and criticising the Mauricio Macri government.

FORMER PRESIDENT CRISTINA KIRCHNER WITH NOBEL LAUREATE IN ECONOMICS JOSEPH STIGLITZ DURING THE OPENING CEREMONY OF A SEMINAR IN 2012. | NA/MARCELO CAPECE

Joseph Stiglitz, the famed economist and Nobel Laureate, has criticised the Mauricio Macri administration in a new interview that touches on Argentina's debt restructuring plans.

In an interview with the BBC, the economist – a mentor to Economy Minister Martín Guzmán – said creditors "should not have lent so much money" to the Macri government and that the former president's team "did not make prudent loans."

"I blame the capital markets; I don't blame Argentina," he added, going on to suggest that the country should cut interest rates for creditors as part of their offer.

Speaking to BBC Mundo, Stiglitz offered praise for his protege Guzmán, describing him as "an excellent economist who has made a career of studying debt, macroeconomics and debt restructuring." The minister's team "has a probably unsurpassed understanding of macroeconomics and debt," he added.

More:
https://www.batimes.com.ar/news/economy/stiglitz-macri-bet-the-house-and-lenders-followed-him-blindly.phtml