Following years of economic turmoil, Argentina opted to take a different path by electing the rightwards-leaning Mauricio Macri as president in November 2015.
Macri has quickly adopted free market principles, dropping his predecessor’s isolationist stance and triggering a sequence of institutional reforms. Argentina officially came back to international markets in April with a sovereign bond sale of $16.5bn (£12.6bn).
The deal’s underwriters eventually received nearly $70bn (£53.20bn) in orders for the bonds, more than four times the value of the debt, in a testament to returning market confidence.
However, positive effects of the Macri reform agenda have been met with protests pointing to difficult days ahead. Yet, the government has so far not lost its will to continue down the reform path in a bid to instil confidence in the minds of international investors.Risk Warning:
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