Not since the beginning of the 20th century has Argentina had it quite so good. High prices for its agricultural and mining exports, buoyant demand from China and a competitive currency are boosting exports. The country is also set to record another current account surplus this year.

These are, in short, exactly the conditions in which a more intelligent and far-sighted leader would begin the long-term transformation of Argentina's economic prospects. UnfortunatelyNéstor Kirchner, the centre-left president, is already on his way towards throwing away a historic opportunity.