Summers 'Gratified' With Results of Argentina Elections

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00:00We began the week, only a few days ago, with a surprising victory for President Mille's party

00:07in Argentina, when it looked like they were really going to have a bad defeat. He did much

00:10better than I think even he expected. We've talked before about some of the reforms that

00:15President Mille is trying to pursue down there. What did you make of that election and its possible

00:20effects on the Argentine economy? Look, I think it was very important. The Argentine people

00:28voted for rejoining the modern world in terms of economic policy with sound fiscal policies,

00:40with respect for the private sector, with an opening up of the economy. So I was

00:50very gratified, as were markets, by the choices that the Argentine electorate made.

00:58It's true in every country, and it's especially true in Argentina, that you don't regain credibility

01:06with a single election or a single policy step. But this was a significant thing. Again,

01:16as we were saying with respect to China, David, part of success in economic policy

01:24is avoiding bad things that could have happened. And there were plenty of chances for Argentina to step

01:32in it in this period, and they haven't. And I think we should take some real satisfaction in that.

01:39I think it's a sign of success in President Mille's leadership and good for the Argentinian people.