Executives from Banco Nación were preparing to head to Wall Street, ready to start making the pitch for a bond sale that would bankroll mortgages back home in Argentina.
It would have been a fairly unremarkable event for bankers in most other countries. But in Argentina – where residents have been forced to buy homes with stacks of cash after decades of runaway inflation, currency crashes and debt defaults upended the economy over and over – it was a sign of finally inching toward some sort of normalcy.
Then crisis flared again.
When President Javier Milei was handed a recent election defeat that threatens to derail his free-market agenda, investors fled en masse, resulting in a run on the currency so fierce that the Trump administration promised a US$20-billion lifeline to stabilise Argentina’s markets.
As interest rates jumped and credit dried up, the state-run Banco Nación scrapped its trip to Ne
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