At the OECD, the IMF, and at Davos, there will probably be a few wry smiles, and a sense of Schadenfreude. Javier Milei, the chainsaw-wielding libertarian President of Argentina who promised to destroy the economic establishment by cutting taxes and dramatically reducing the size of the state, is now facing a financial crisis of his own. The United States is offering to step in with a bailout, but why? Milei should sink or swim in the markets he champions. A rescue package from the Trump administration will prove a mistake.

It is turning into the toughest week yet for the Milei experiment. After setbacks in local elections, the currency markets have lost faith, the peso has plunged, and that will make it very hard to finance the country’s huge debts. The progress of the last two years may

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