Gramercy Backs Argentina Bull Case as 104% Inflation Guides Vote
- Fund’s Exum sees ‘good time’ to revisit bonds as prices drop
- October’s election stands to bring shift in government, policy
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Gramercy Funds Management, one of Argentina’s most-loyal bulls, is once again forecasting a comeback for the nation’s $65 billion of beleaguered foreign debt — just as the bonds slump to lows for the year.
Odds are rising that voters — faced with triple-digit inflation amid a looming recession — spurn President Alberto Fernandez’s left-leaning government in October’s elections and welcome a more market-friendly leader, said Kathryn Exum, director and co-head of sovereign research and strategy at the Greenwich, Connecticut-based fund.