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Argentina investors brace for financial pain no matter who wins presidency [View all]
Argentina investors brace for financial pain no matter who wins presidency
By Rodrigo Campos
November 16, 2023 1:34 AM EST Updated 4 hours ago
NEW YORK, Nov 16 (Reuters) - Global investors expect a large amount of financial pain out of Argentina no matter who voters pick on Sunday as their next president, with social unrest as top of mind as a much-needed fiscal adjustment will likely trigger even more inflation.
Economy minister Sergio Massa and populist outsider Javier Milei go head-to-head in the Nov. 19 presidential election run-off, a choice between sticking with the current Peronist government or a sharp swerve to a right-wing libertarian.
The winning candidate, who would take office on Dec. 10, would need to fix an economy with inflation of 143%, a messy array of capital controls, a looming recession and net foreign currency reserves JPMorgan pegs at minus $15.3 billion.
"There is no room left to muddle through with the current economic policy stance, and the incoming president will have to take a turn in economic policy," Barclays' Latam economist Pilar Tavella said in a Wednesday note.
Reuters Graphics Reuters Graphics
[...]
By Rodrigo Campos
November 16, 2023 1:34 AM EST Updated 4 hours ago
NEW YORK, Nov 16 (Reuters) - Global investors expect a large amount of financial pain out of Argentina no matter who voters pick on Sunday as their next president, with social unrest as top of mind as a much-needed fiscal adjustment will likely trigger even more inflation.
Economy minister Sergio Massa and populist outsider Javier Milei go head-to-head in the Nov. 19 presidential election run-off, a choice between sticking with the current Peronist government or a sharp swerve to a right-wing libertarian.
The winning candidate, who would take office on Dec. 10, would need to fix an economy with inflation of 143%, a messy array of capital controls, a looming recession and net foreign currency reserves JPMorgan pegs at minus $15.3 billion.
"There is no room left to muddle through with the current economic policy stance, and the incoming president will have to take a turn in economic policy," Barclays' Latam economist Pilar Tavella said in a Wednesday note.
Reuters Graphics Reuters Graphics
[...]
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