Argentina's Medicine Tastes Lousy, But It's Working

Even a backlash by jobless protesters can't slow reform

Argentine President Carlos Menem is paying a stiff political price for his "savage capitalism," as critics call his free-market reforms. Argentines who feel left behind by Menem's economic policies have spent much of this year striking, blocking roads, and clashing with police. The resentments they reflect are eroding Menem's popular support and deepening a political rift in the governing party between his supporters and a populist wing that favors more social spending to cushion the impact of the reforms.

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