LATIN AMERICA
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ARGENTINA |
Best Bank: Santander Argentina | |
Best Investment Bank: Goldman Sachs | |
The agreement between the IMF and the Argentine government over a refinancing of the country’s $45 billion debt averted financial crisis in the country in the past year.
However, the likelihood is that the rosy forecasts for fiscal consolidation, which are embedded in this agreement, won’t be met in the run-up to the next presidential election. Therefore, it is very much a case of crisis postponed rather than averted, and the banks in Argentina are hunkering down against the twin threats of burdensome financial regulation and likely recession after next year’s presidential election.
In the past 12 months it has paid to be a big, diversified player.