Has Argentina Really Changed? Soon, We Will Find Out

BUENOS AIRES—The adage “The most dangerous words in investing on Wall Street are ‘It’s different this time’” could have been coined to describe Argentina. For 50 years, it repeatedly convinced international lenders it had changed its ways, only to slide back into default, instability and inflation.

This Sunday, Argentines will demonstrate whether this time really is different. Midterm elections will decide whether President Javier Milei’s radical economic reform will continue.