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Is it Possible to Say No to China? The Case of the Kirchner-Cepernic Dams in Argentine Patagonia

This case analyzes Argentinian President Macri’s decision to continue or suspend the construction of two mega dams financed by Chinese banks in the Santa Cruz River. President Macri faces a difficult dilemma. On the one hand, the project has low economic profitability and could pose negative impacts environmentally and socially. On the other hand, if Macri decides to suspend the project, it puts other project loans that China is financing in the country, and a swap of US$ 11 billion to guarantee the stability of Argentine currency at risk. Moreover, Argentina would have to return credit already disbursed to build the dams and would risk damaging the relationship with its second largest trading partner.

 

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