LatinNews Regional Monitor: Brazil & Southern Cone - 28 November 2018

* Argentina’s country risk index rose by 2% to 708 basis points on 27 November in the JP Morgan Emerging Market Bond Index. The new country risk measure is almost double the 351 basis points registered in the Index at the start of the year and suggests that market confidence in the Argentine economy remains weak, as does confidence in the ability of the government led by President Mauricio Macri to turn things around. Local economists attribute the increase in the country risk to the growing concerns over the Macri administration’s ability to conjure economic growth next year and to secure sufficient financing to fund its 2020 budget without having to once again turn to the International Monetary Fund. The uncertainty surrounding the outcome of the 2019 general election has also been identified as another factor that is affecting market confidence on Argentina.

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