Reversal of Fortunes

Reversal of Fortunes


by Mariana Santibáñez Sentiment toward Argentina is souring as investors question the sustainability of President Cristina Fernandez de Kirchner’s growth policies. The sovereign’s assets are already lagging high-beta peers, and analysts see spreads widening further in coming months if the government fails to take a different tack soon. Ever since markets realized Kirchner would win a landslide victory in October’s presidential elections, investors have sent Argentina spreads ever wider amid fears that the government will dig in its heel over macroeconomic policies that they think are not working. As of early November, the sovereign’s five-year CDS spreads we

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