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It is hard to capture just how differently #Argentina’s national budget is being handled under the new management. But this note about 2017, from Itaú, helps: “Revenues growth outpaced that of primary expenditures for the first time since 2004.”
Bonus kudos for @mauriciomacri and @NicoDujovne for pulling off their just-what-the-doctor-ordered austerity in an election year, as @jpmorgan points out in a research note today. All this in a country where "ajuste" is still a dirty word.
That said, @jpmorgan also points out #Argentina's rapidly increasing spending on interest payments (excluded in the so-called "primary deficit"). That trend is not going away. Finance Minister Luis Caputo has projected $30 billion in borrowing this year.
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