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Improved LatAm budget positions won’t stop debt rising

Headline and primary budget balances across Latin America generally improved over the course of 2023 (Brazil was a key exception). But it seems unlikely that this will be sustained, and debt-to-GDP ratios will return to an upwards trajectory over 2024-25. And in Argentina, we think that, despite the Milei administration’s ambitious fiscal plans, another debt restructuring is needed to restore debt sustainability.  

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