ARGENTINA: A Peculiar Orthodox Approach

The Government panicked when the dollar peaked at ARS 195, and it took a small but noticeable turn toward orthodoxy in the last 3 weeks, as we have reported in previous editions. From a quality point of view, the high profile land squattings have ceased, it embraced the cause of the extended facilities fund program with the International Monetary Fund, and the treasury returned temporary advances to the Central Bank as a gesture of good will, although later on it will need to resort to the distribution of dividends from the same source to finance the December deficit. From a quantitative poin