FOREIGN POLICY & DIPLOMACY Colombia expels Argentine diplomats amid row with Milei 28-03-2024 01:22 Colombia orders expulsion of Argentine diplomats after President Javier Milei describes his counterpart Gustavo Petro as a "terrorist" and "murderer."
Argentina peso bond Argentina peso bond puts balloon, spurring inflation risk 05-03-2024 14:16 Puts on Argentina’s peso debt issued by the Central Bank have surged under Javier Milei’s government, reaching a record and prompting officials to scale back their use amid growing investor concern.
EMPLOYMENT & WELFARE Government eliminates Potenciar Trabajo job scheme, plans new dual system 29-02-2024 00:08 Human Capital Minister Sandra Pettovello issues decree with President Javier Milei eradicating job aid scheme in bid to cut out intermediaries; New dual system set up to replace it.
POVERTY More hunger, less money: Soup kitchens count rations 15-02-2024 00:33 At community meal centres across Argentina, a dual crisis is biting: the influx of ever more hungry mouths to feed during an economic crisis, and a decision by President Javier Milei's new government to freeze their aid.
Bloomberg Goldman, Barclays, Citi get up-close look at Milei’s Argentina 09-02-2024 00:08 Some of Wall Street’s largest banks are set to visit Argentina just as Javier Milei tries to come back from a massive defeat in Congress.
PROTESTERS CHALLENGE PETTOVELLO Huge 'hunger line' in Buenos Aires challenges Milei's minister 06-02-2024 00:03 Sandra Pettovello’s claim she would attend to the hungry “one by one” backfires as hundreds of demonstrators form long queues outside her Human Capital Ministry, demanding greater state assistance in the face of a food emergency.
Interview Pablo Moyano: ‘Luis Caputo should be thrown into jail, not the Riachuelo’ 31-01-2024 16:10 Camioneros boss and CGT secretary-general lets loose, letting rip at Economy Minister Luis Caputo. “Governance will be complicated,” he warns President Javier Milei. by Juan Pablo Kavanagh
BLOOMBERG – ANALYSIS ‘There is no money’: Argentina begins economic shock remedy 13-12-2023 11:41 Measures include 54% peso devaluation, additional 2% a month; Plan seen as step in the right direction, perhaps insufficient by traders.
NEW GOVERNMENT Government to roll out first crisis measures in evening broadcast 12-12-2023 09:53 Economy Minister Luis Caputo will deliver a recorded speech at 5pm Tuesday, in which he will outline emergency measures from President Javier Milei’s new government.
ECONOMIC POLICY Milei says Argentina heading for ‘shock’ fiscal therapy 23-11-2023 18:47 President-elect Milei warns Argentina faces ‘shock adjustment’; Inflation could take 18 to 24 months to calm, says libertarian.
MILEI’S GOVERNMENT Caputo leading Milei’s economic transition team, may be minister 23-11-2023 18:29 Former central bank governor Luis ‘Toto’ Caputo is now leading the economic transition team of President-elect Javier Milei and is now seen as the frontrunner to head the Economy Ministry.
ELECTION 2023: FALL-OUT Milei says no transition meeting planned as Massa decides to stay on 20-11-2023 18:39 Javier Milei says that "there is no meeting planned" with President Alberto Fernández and says responsibility for period until December 10 inauguration lies with head of state and Sergio Massa, who decides to stay on as economy minister.
BLOOMBERG - ANALYSIS Milei opens a new era: What comes next in Argentina policy-making 20-11-2023 09:25 Milei’s biggest political challenge will be his lack of support in Congress, where his party only counts a minority of senators and a fraction of lower house representatives.
ELECTION 2023: FALL-OUT Report: Economy Minister Massa ‘to take leave of absence’ 19-11-2023 23:59 Argentina’s Economy Minister Sergio Massa will reportedly seek a leave of absence from his post to "facilitate the transition" with President-elect Javier Milei; President Alberto Fernández speaks with election winner and duo agree to meet Monday for talks.
ECONOMIC INDICATORS Government has printed equivalent of 18% of GDP since 2019 19-09-2023 09:33 New report says President Alberto Fernández’s administration has printed the monetary equivalent of 3% of GDP so far this year, most of it aimed at the repurchase of bonds to protect their price level.
ELECTION 2023 Massa seeks to assert leadership of Peronist coalition 18-09-2023 21:07 Unión por la Patria presidential candidate is willing to occupy the space vacated by Cristina Fernández de Kirchner. If he wins the elections, he promises strong leadership, defined by decision-making and firmness. by Rosario Ayerdi
POLITICS Argentina spares millions from paying income tax as vote nears 11-09-2023 21:12 Workers earning less than 1.7 million pesos (US$4,857) per month won’t have to pay income taxes as of October, up from the previous threshold of about 700,000 pesos.
PASO REACTION Out of options and money, Argentina presses the panic button 14-08-2023 22:09 After years of trying to avoid a currency devaluation that would add to soaring inflation and reduce its popularity with voters, Argentina's government has finally pushed the panic button.
INTERVIEW / PERIODISMO PURO Martín Guzmán: ‘Abandoning the currency never did anybody any good’ 10-06-2023 06:27 Argentina’s former economy minister on tackling inflation, unifying the exchange rate regime, the IMF debt deal he negotiated and what happens after the October election. by Jorge Fontevecchia
POLITICS – ANALYSIS Hanging on in quiet desperation 29-04-2023 05:35 The chain of events that will be most consequential in delivering the next inhabitant of the Casa Rosada have already been set in motion. They are irreversible. by Agustino Fontevecchia
ECONOMY MINISTRY Government raises income-tax floor to half a million pesos 25-04-2023 13:29 Government raises income-tax floor to 500,000 pesos as inflation bites into pockets of workers.
POLITICS ‘Plan Platita II’? Government to stuff pockets as inflation bites 18-04-2023 14:02 To mitigate the coalition friendly fire that has been rekindled by the confirmation of accelerating price hikes, Serio Massa’s economic cabinet is drawing up a new programme to stimulate consumption.
Bloomberg Brazil’s inflation expectations level off after fiscal plan 03-04-2023 12:08 President Luiz Inácio Lula da Silva’s government presents a highly-anticipated fiscal rule proposal to help control the growth of public debt.
LOCAL DEBT PILE Argentina sells US$2 billion in peso debt after ordering bond swap 22-03-2023 21:56 Argentina sells close to 417 billion pesos (US$2 billion) in peso-denominated notes and bonds via auction, latest step in managing a massive local debt pile as the government seeks to extend maturities until after October elections.
Central Bank reserves Government obliges state bodies to convert dollar bonds into pesos 22-03-2023 17:00 State entities are to sell their dollar bonds on the market in return for peso debt bonds issued by the Treasury with the aim of taming surges in the CCL and MEP parallel but legal exchange rates.
MARKETS Bonds slide after government orders public sector sale 22-03-2023 12:17 Argentina’s sovereign-risk spread over US Treasuries widened as many as 126 basis points on Wednesday to almost 2,500, its widest in four months.
Bloomberg Government wants to swap public sector local debt for 2026 bonds 21-03-2023 13:10 Officials want to sell new bonds maturing in 2026 and 2027, lengthening the sovereign debt maturity curve as a way of sending a signal to the private sector to also extend their maturities.
Oil production Shale oil exports to spur Argentina's trade surplus, official says 07-03-2023 17:07 Booming oil production out of shale patch Vaca Muerta will create surpluses in energy trade for Argentina to the tune of US$8 billion within a few years, says top official.
Debt bond buyback What’s a default? Argentina’s debt buyback splits S&P, Moody’s 27-01-2023 14:35 The world’s most-watched credit assessors are split after Moody’s Investors Service classified Argentina's plan to repurchase its debt in the open market as a distressed exchange.
BOND BUYBACK Argentina’s bond buyback plan sets off Moody’s default alarm 26-01-2023 15:10 Plan to repurchase US$1 billion of overseas bonds meets the definition for a default, according to Moody’s.
Plan Massa Peronist gradualism 21-01-2023 05:46 Once again Sergio Massa has taken the spotlight. As the electoral year gets going, he seems to be placing his bets on managing to bring inflation down while keeping the economy in positive territory to become the main candidate for the pan-Peronist coalition, Frente de Todos. by Agustino Fontevecchia
DEBT INTERVENTION Argentina’s US$1-billion bond buyback is baffling investors 19-01-2023 14:25 While repurchasing the bonds at a fraction of their face value could ultimately save the country hundreds of millions of dollars in interest and principal payments, investors point out that the government doesn’t have very much room in Central Bank coffers to fund such a lavish buyback.
MARKETS Bonds jump as government stuns market with billion buyback 19-01-2023 02:53 Economy Ministry is using dollars held by the Treasury to fund the buyback, including money it expects to save from energy imports it presumes it won’t need in 2023, according to sources.
BLOOMBERG - OPINION Argentina’s bond buyback seems to make little sense 19-01-2023 02:45 It is generally thought that it is better to buy back bonds when they are cheap than when they have just posted a sharp rise, but perhaps Massa knows something we don't.
INTERVIEW / PERIODISMO PURO Sergio Massa: ‘Argentina is a country which has a lot to offer a world in crisis’ 14-01-2023 06:38 In his first long interview since assuming office as Argentina’s ‘super economy minister,’ Sergio Massa analyses his first few months in office and outlines his goals for 2023. by Jorge Fontevecchia
Bull vs. bear Is it Massa, the bull market, or are we about to implode again? 14-01-2023 06:25 We are not walking on the edge of the precipice, but we’re still awfully close, and a small breeze could be enough to destabilise us. by Agustino Fontevecchia
EXCHANGE MARKET Argentina’s black-market peso slumps to record ahead of holidays 29-12-2022 15:33 Argentina's black market exchange rate plunged to a record low this week, with the blue dollar hitting 357 pesos per greenback.
INTEREST RATES Central Bank poised to hold the key rate at 75% into next year 30-11-2022 08:34 Central Bank tracking suggests monthly inflation could slow to about 5.5% in November, down from 6.3% in October.
INTERVIEW Todesca Bocco, Argentina's candidate for IDB chief, calls for its ‘transformation’ 17-11-2022 16:17 Cecilia Todesca Bocco, Argentina's Secretary for International Economic Relations and candidate for the presidency of the Inter-American Development Bank (IDB), outlines her vision for the institution.
THE ECONOMIC INSIDERS Meet the trio of key players backing Massa at the Economy Ministry 16-11-2022 10:54 Gabriel Rubinstein, Guillermo Michel and Lisandro Cleri are the officials who represent the eyes of Argentina’s Economy Minister Sergio Massa. Longtime and low-profile backers of the Tigre leader, their support is unconditional.
POLITICS & ECONOMY Sergio Massa: Stuck between Cristina and Kristalina 02-11-2022 17:46 Argentina’s ‘super’ economy minister is torn between the demands of the International Monetary Fund and the wing of the ruling coalition led by Vice-President Cristina Fernández de Kirchner. by Carlos Claá
BLOOMBERG – ANALYSIS From Coldplay shows to the World Cup, Argentina mixes exchange rates 12-10-2022 08:23 Government officials on Wednesday will roll out new taxes applied to the official exchange rate for foreign travel ahead of the World Cup in Qatar next month and for locals attending concerts by artists such as British rock band Coldplay.
GOVERNMENT & POLICY Massa unveils export stimulus programme for tech sector 05-10-2022 10:36 Scheme aims to boost technology exports to US$10 billion next year, says economy minister.
POLITICS Sergio Massa: from buying time to running out of time 01-10-2022 07:00 No-one should doubt Massa’s courage in taking on the Economy Ministry at a time of extreme crisis, nor his ambition, despite claiming he’s taking his final steps in the political realm. He’s eyeing 2023 and 2027. Both Fernándezes know this, and they don’t like it. by Agustino Fontevecchia
2023 Budget Government's budget bill forecasts 60% inflation in 2023 16-09-2022 09:01 Argentina's government will forecast inflation hitting 60% in 2023 in its proposed budget, according to sources in Economy Ministry.
economy Central Bank hikes interest rates to 75% as inflation nears 100% 15-09-2022 23:17 Central Bank boosts benchmark Leliq rate by 5.5 percentage points to 75% in a bid to prop up its currency and curb inflation.
INTEREST RATES Central Bank set to hike rates again on price spike 01-09-2022 01:54 Central Bank set to increase benchmark Leliq rate again next month as annual inflation rises above 70%.
NEW MEASURES Argentina seeks to shift all-cash workers into payroll jobs 30-08-2022 15:06 Policy aims to target welfare recipients who opt for informal, all-cash jobs to avoid losing government benefits and persuade them to stay in the system.
NEW MEASURES Yachts, whiskey, bull semen land on Argentina’s import blacklist 28-08-2022 09:47 New restrictions on imports form part of the government’s frantic attempt to stabilise currency and curb inflation.
EDITORIAL Biting (or braving) the bullet 19-08-2022 13:24 The renunciation of populist utility bill freezes should be hailed. The Frente de Todos government is at least knocking on the door of the real world even if it has yet to make an entrance.