Maybe it was a deliberate sign of confidence, but even as the Argentine peso was melting against the US dollar on May 4 and Argentina’s central bank announced the third basic rate hike in a week – this time from 33% to 40% – in the energy ministry, business leaders and government officials were signing 20-year renewable PPAs.

The latest speculative attack on Argentina’s currency – which has resulted in a possible $30bn rescue package from the IMF – has a backstory of unsound macroeconomics that has raised investors’ concern that the government maybe doing too little to control a 25% annual inflation rate, and a primary budget deficit of over 3% of GDP.