Argentina: It’s time to take money off the table

Argentina’s politicians have played their cards for the coming presidential election – Cristina Kirchner surprised everyone by lining up behind Alberto Fernandez.

Kirchner is calculating that Peronism will get more voters if she isn’t the lead candidate, given her high rejection rate. That’s logical – and so too was president Macri’s response in choosing Miguel Angel Pichetto, a non-Kirchner Peronist to bolster support to his ticket from the moderate left.

In aggregate, these machinations probably result in a small electoral positive for Macri, which was extended in recent days by positive data regarding inflation and the current account.

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