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Latin American Economy & Business - March 2014 (ISSN 1741-7430)
ARGENTINA: Another step towards orthodoxy?
On 25 February, Argentina's government reached an agreement with Spain's Repsol in relation to the April 2012 expropriation of a controlling interest in the main local energy group Yacimientos Petrolíferos Fiscales (YPF). This is the latest in a series of rather orthodox, investor-friendly moves by the government led by President Cristina Fernández in the last nine weeks or so. Financial market participants perceive that financial risks have reduced. We agree. A ‘virtuous circle’ of lower inflation, falling interest rates and a stronger currency remains some way away, and will be difficult for policymakers to achieve: however, this outcome is no longer an impossible scenario.
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