Rethinking Argentina's 2026–27 external financing gap

ARGENTINA - Report 29 Jun 2026 by Joaquin Cottani

Back in January, I argued that the combined US dollar debt obligations of the National Treasury and the Central Bank (BCRA) appeared too large relative to the Milei administration's capacity to finance them through the end of the presidential term. Six months later, that situation looks considerably less concerning. Thanks to a combination of BCRA reserve accumulation and repo refinancing, together with Treasury issuance of domestic dollar-denominated bonds and forthcoming collateralized sovereign debt, the government's 2026 financing requirements now appear to be fully covered. Financing needs in 2027 remain substantial but, in my view, are manageable.

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