28D

28D is the term used to refer to the 28 December 2017 press conference of the Central Bank of Argentina together with the Treasury in which they changed their inflation target. This event is the beginning of the loss of confidence that sparked the beginning of the 2018 Argentine monetary crisis.^{[1][2][3][4][5]}

Spread Country Risk (EMBI+) for Argentina. The red line marks the 28D event.

Background

Inflation in 2017 was 25% and the Macri's administration was coming off a major victory in the legislative elections.^[6]

On 28 December, the change in inflation targets for 2018 was announced, which was 10% annually and was raised to 15%.^[7]

Many read this measure as it was an advance^{[clarification needed]} of the Chief of Cabinet and the Ministers of Treasury and Public Finance on the independence of the Central Bank.^[8]

Bibliography

1. "Rethinking Argentina's debt". www.ft.com.
2. "A un año del 28D: el día en que el BCRA perdió la confianza del mercado". El Cronista.
3. "The crisis of Argentine gradualism" – via The Economist.
4. "28D: a dos años de un hito de la fallida gestión económica del gobierno de Macri". Infobae. 28 December 2019.
5. ""Lo que nos gastaron": Sturzenegger ironizó sobre la inflación anual de 50% y tomó revancha por las críticas a su gestión". Infobae. 16 July 2021.
6. Daniel Politi (22 October 2017). "Argentina's Leader, Mauricio Macri, Bolstered by Election Results". New York Timez.
7. "El Gobierno anunció cambios en las metas de inflación: "Para 2018 será del 15 por ciento"". Diario La Nación. 28 December 2017.
8. "El Banco Central fue intervenido". Infobae. 22 October 2017.