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Inflation continues rising
ARGENTINA · In Brief · 11 Aug 2022

Although roughly speaking in line with market expectations, bearing in mind the sharp depreciation of the informal FX rate following Martín Guzman´s resignation, July’s 7.4% m/m CPI inflation remains nevertheless a worrisome measurement of the “fever” that the economy suffers due to its significa...

Sergio Massa’s swearing-in and first announcements
ARGENTINA · In Brief · 04 Aug 2022

In a rather brief ceremony, President Alberto Fernández took the oath to Sergio Massa (SM) as Minister of Economy, Production, and Agriculture. The festive atmosphere, accompanied by a large crowd (the press spoke of 500 guests), contrasted with an almost laconic tone of the President and Argenti...

The government announced in a press release that Sergio Massa will be a new “super” Economy Minister
ARGENTINA · In Brief · 29 Jul 2022

After Thursday´s market closure, the presidential press office published a brief yet significant statement, informing that “the Ministries of Economy, Productive Development and Agriculture … will be unified, also including relations with international … credit organizations. And that the new min...

Silvina Batakis' baby-steps did not convince the market
ARGENTINA · In Brief · 21 Jul 2022

As pointed out in our recent webinar on Argentina, the market remains expectant of whether the new economy minister, Silvina Batakis, is going to be able to implement policy measures to limit the fiscal deficit and reduce the expectations of monetary expansion and eventually FX devaluation. In sh...

Webinar Replay: Argentina's economic outlook after Guzmán's resignation
ARGENTINA · Report · 15 Jul 2022

What impact will Silvina Batakis have on the IMF agreement? Is Argentina veering towards a new debt restructuring? What are the fundamentals of President Fernández's "growth crisis"? Visit our calendar page to watch the replay of our webinar featuring Esteban Fernández Medrano discussing the imp...

Slide Presentation: Argentina's economic outlook after Guzmán's resignation
ARGENTINA · Report · 14 Jul 2022

Access the slide presentation from the GlobalSource Partners webinar, "Argentina's economic outlook after Guzmán's resignation", which featured Esteban Fernández Medrano discussing the implications of Guzmán's sudden resignation for President Fernández's political future and Argentina's econom...

In Press Conference, Economic Minister Batakis confirms IMF program
ARGENTINA · In Brief · 11 Jul 2022

In today’s press conference, Economic Minister Silvina Batakis (SB) gave some insight into what her economic objectives are. Although many of her announcements express an agenda, rather than actions that have effect immediately, her conference had a clear attempt to bring some tranquility to the ...

Economic Minister Martín Guzman´s resignation forces Alberto Fernandez's hand
ARGENTINA · In Brief · 04 Jul 2022

Saturday’s resignation of Economic Minister Martín Guzman (MG), which he made public through his personal Twitter account, rather than the official communication channels, took the political spectrum by surprise. Although since last years mid-term elections, and in particular since the IMF agreem...

CFK calls to continue with the FdT alliance in 2023
ARGENTINA · In Brief · 21 Jun 2022

In our last report[1], we interpreted the public reunion between President Alberto Fernández (AF) and Vice-president Cristina Fernández de Kircher (CFK), during the YPF centenary celebrations, earlier this month, as some sort of mutually convenient truce between them. While not representing a tru...

First quarter IMF review approved - what's next?
ARGENTINA · Report · 14 Jun 2022

Last Wednesday, the IMF announced, as might have been expected, that the IMF and Argentina's authorities reached a staff level agreement in the country's first quarterly review (corresponding to 1Q22). Upon completion of the review (i.e., once the IMF board approves the review), Argentina should ...

​Inflation remains rampant
ARGENTINA · In Brief · 16 May 2022

Although April National CPI inflation of 6.0%m/m showed a mild decline compared to the surprising 6.7%m/m of Match. This moderate deceleration is to a large extent explained by seasonal factors. Annual inflation remains in an upward trend, closing in April at 58%y/y, compared to 55.1%y/y the mont...

The Argentine economy: a forecast for 2022 and a guess for 2023
ARGENTINA · Forecast · 27 Apr 2022

It is extremely difficult to forecast the Argentine economy for the remainder of the presidential term of Alberto Fernandez, in spite of the macroeconomic program that is being supported by the IMF through a 45 billion dollar EFF. The main difficulties originate in the new global circumstances cr...

Inflation is becoming a political nightmare
ARGENTINA · In Brief · 13 Apr 2022

Worldwide, the latest inflation indices have been reflecting a new global problem, based on rising energy and food prices, as the supply side shocks triggered by the Russian invasion of Ukraine spread across the markets. Yet, Argentina is not only not isolated from this problem, but also, on the ...

The approval of the IMF program brought calm to the foreign exchange markets but accentuated tensions within the government
ARGENTINA · In Brief · 10 Apr 2022

In the last week of January, before the announcement of an understanding between the staff of the IMF and the Ministry of Economy, the foreign exchange rate in the bond swap market (CCL) and the informal ¨blue¨ market fluctuated around 220 pesos per dollar. Now, two weeks after the final approval...

​Argentina's new USD debt payments after the EFF approval
ARGENTINA · Report · 28 Mar 2022

Following last week´s expected Senate approval, on Friday the board of directors of the IMF approved Argentina´s Extended Fund Facility (EFF) program. This puts a formal end to a nearly two-year debt negotiation, including the first-ever local Congressional debate to endorse such a financing prog...

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