Citigroup’s number one, Jane Fraser, will meet the Chief of Staff, Nicolás Posse, and the Minister of Economy, Luis Caputo, at the Casa Rosada this Friday. It will be the first visit to the country by the chief executive of the world’s largest financial services bank since Javier Milei’s administration began last December.
The meeting, in which the President could also participate although it has not yet been confirmed, is part of the contacts that a group of Wall Street banks and investment funds interested in Argentina and know the government’s next steps after the failure of the omnibus bill in Congress.
After Bloomberg had anticipated days ago the visit to the country starting this week by Goldman Sachs, Barclays, HSBC and Citi, Clarín was able to confirm these trips and the meeting that will take place this Friday with the largest financial services bank in the world. Fraser’s last visit occurred during the administration of Mauricio Macri.
Wall Street banks organize missions every year for their clients, who are investment funds. Many have traveled to the region this year, where they have assets, and Argentina is now a destination that arouses curiosity and caution. “They travel every day, each on their own,” a New York source said.
In a speech Clarín attended in December, Citi’s head of Latin America Investment Strategy, Jorge Amato, and the entity’s head of Investment Strategy and chief economist, Steven Wieting, were enthusiastic about the new government , but they warned that the promised adjustment was difficult to achieve.
From the New York bank they expected a strong devaluation – which finally occurred – and estimated that Argentina may need funds of 30 billion dollars in 2024 to carry out its reforms, now in doubt due to obstacles to justice, labor reform of the DNU and the fall of the omnibus law.
Upon his return to Argentina, Milei promised this Tuesday to “continue to run the chainsaw against the political caste”, after traveling to Israel and Italy. Now, La Libertad Avanza hopes that the President will define the legislative projects with which he will try to resume the spirit of the law rejected by Congress.
Although the government has made progress on provincial cuts, dollar bonds closed last week down as much as nearly 7%. “It is time to see concrete measures implemented, not to listen to spectacular plans, a coherent fiscal and monetary macro plan is missing,” they said from New York.
Source: Clarin
