Bailouts Are Out of Style in Buenos Aires

President Mauricio Macri has a message for Argentine business as he sticks to his campaign pledge to curb protectionism and close a yawning budget deficit. Companies can no longer go "hunting in the zoo," in the worth of his treasury minister, Nicolas Dujovne, meaning the era of government coddling is over. Not a day goes by when he doesn't meet with an industry chamber asking for either a subsidy or a tax cut, Dujovne complained in a recent media appearance. The latest recipient of the administration's tough love is SanCor, a dairy cooperative that employs about 4,000 workers. After months of refusing a bailout, the government on May 5 agreed to grant SanCor a 450 million-peso ($29 million) loan to cover payroll costs.