In terms of the fiscal deficit, @jpmorgan sees the extraordinary session of congress as consequential. @mauriciomacri's pension legislation under review today, for example, would produce savings equal to 0.6% of GDP in 2018. #Argentina spends nearly 10% of GDP on social security.
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But in the short term,
@jpmorgan analysts say,@mauriciomacri's proposed tax cuts will reduce overall revenues, leading to a primary deficit equal to 3.4% of GDP in 2018 (just above the 3.2% target) and almost $33 billion in additional borrowing.Show this thread
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