Argentina markets keep wary eye on Milei reform bill hold-ups

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. Consultancy Portfolio Personal Inversiones, meanwhile, said “positive news in the Senate about both bills and a greater inflow of agriculture sales” could boost the peso in widely used parallel markets to get around capital controls.

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