Argentina at Mercy of Debt Markets to Fund Reforms, Macri Says
- President says he may run again in 2019 to see plans through
- Argentina may impose 15% biodiesel duty for exports to U.S.
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Argentina’s ambitious reform plans will be vulnerable to global debt markets in the coming years, said President Mauricio Macri, who gave his clearest indication yet that he will seek a second term to fulfill them.
Macri said in an interview with Bloomberg News on Tuesday that it will take time to lower double-digit inflation and to cut labor costs that have kept real-economy investors at bay. Meanwhile, he must borrow to plug inherited deficits. S&P Global Ratings on Nov. 6 included Argentina among a list of five countries that would be most endangered if financial conditions deteriorate, along with Turkey, Pakistan, Egypt and Qatar.