The IMF was supposed to walk Argentina to disinflation across a decade of gradualist tutelage. Instead Milei dragged the print from over two hundred percent to thirty in eighteen months, the BCRA is buying dollars into a thirty billion export quarter, and Bausili is hitting accumulation targets the last decade of programs assumed would take a generation.

The heterodox academy that called this impossible has not retracted, it switched topics. The Keynesian wing in BA still publishes monthly bulletins about coming collapse, and the Fund itself now writes the program forward in language that quietly forgets the decade of conditionality it imposed and watched fail. The story is being relabeled as orthodoxy beating heterodoxy. Heterodoxy was not tried, it was the entire forty year regime that produced the inflation in the first place.

Reserves remain positive but thin. Nineteen billion in maturities sit queued for the year, and the exchange rate band still depends on monthly compliance with a fiscal rule no administration since Pellegrini has held through a midterm. The macro is the easy part. The midterms will decide whether anyone gets to keep the result.