Analysis-Argentina election lures risk-taking investors to long-odds gamble
© Reuters. FILE PHOTO: Waste recyclers look through a landfill for cardboard, plastic and metal to resell as Argentines face a deep crisis marked by one of the world's highest inflation rates, in Lujan on the outskirts of Buenos Aires, Argentina October 5, 2022. REU
Their gamble is that a more market-friendly government is likely to emerge from the Oct. 22 vote, whether it is headed by Milei, Patricia Bullrich, the main conservative rival, or Economy Minister Sergio Massa, the candidate of the ruling left-of-center Peronist coalition. "There has been a lot of pain from being invested in Argentina over the past decade," Reed said."The people who are still around have most likely lost money at one point or another."
Fernandez de Kirchner, who established currency controls and presided over a sovereign debt default during her presidency, has taken a back seat in the run-up to the election. The depressed values offer another reason to be bullish on Argentina's debt, said Thomas Haugaard, a portfolio manager on the emerging markets debt hard currency team at Janus Henderson Investments in Copenhagen.
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