The final round of Argentina’s presidential election between Javier Milei and Sergio Massa on Sunday offers starkly different paths for the economy – shock therapy or more of the current government’s distortive economic policies. The polls suggest that the race is neck and neck. Irrespective of who wins, the peso is likely to fall sharply and Argentina’s next public debt default will probably come a step closer. Elsewhere, the woes of Mexico’s state oil company, Pemex, have also come back into the spotlight this week, reinforcing an argument that we made earlier in the year that the firm’s debts are unsustainable.
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