Argentina markets keep wary eye on Milei reform bill hold-ups
BUENOS AIRES - Argentina's markets have a wary eye on President Javier Milei's sprawling reform bill that is grinding through Congress and facing likely amendments in the Senate that will push it back to the lower house and gum up its final approval.
Its fate, therefore, is key for markets which have generally cheered Milei, a former TV pundit who won a shock election last year when he pledged"chainsaw" spending cuts to overturn an entrenched fiscal deficit after years of debt crises. While Milei's austerity measures have boosted the country's fiscal position, Argentina's economy has tanked, with economic activity and construction down sharply, hit by moves including to halt public works. Poverty and dollar prices are rising fast.
A government adviser close to Milei, asking not to be named, said that the date of the pact with governors was less important than striking an agreement that would be long-lasting.
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