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Weekly Report - 17 March 2016 (WR-16-11)

ARGENTINA: Holdout deal sails through congress

President Mauricio Macri passed his first big test in congress this week with flying colours. The federal lower chamber of congress not only approved his government’s deal with the holdout hedge funds in the US on 16 March but it did so with a thumping majority of 165 votes to 86. This leaves Macri politically strengthened and bodes well for the tougher of the two hurdles the deal faces: approval in the federal senate, which on paper is more hostile. Macri’s strategy of touring the provinces to win support from governors representing the main opposition Partido Justicialista (PJ, Peronists) paid off handsomely; it was also a triumph for the government’s negotiations with congressmen led by the interior minister, Rogelio Frigerio.

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