May
In response to the stagnation of major economic reform plans in Argentina’s congress, President Javier Milei has made a significant change to his cabinet, aiming to reignite progress.
President Milei accepted the resignation of Nicolas Posse on Monday night, marking a pivotal moment in his tenure since assuming office on December 10. Interior Minister Guillermo Francos, known for his negotiation skills, steps into the role of cabinet chief, hoping to propel the reform agenda forward.
Investor Confidence Sees Uptick
Despite Posse’s departure being one of the earliest from a top cabinet position in recent presidencies, investors responded positively to the change. Argentina’s sovereign dollar bonds showed a slight increase on Tuesday, reversing previous declines. Bonds maturing in 2029 saw a rise of 0.4 cents, reaching 56 cents on the dollar, according to data compiled by Bloomberg.
Posse’s exit sparked investor optimism, reflected in Argentina’s sovereign bonds, indicating confidence in future policy, Barron’s Print Edition said.
New Cabinet Chief Sets Course for Reform
After the change, Francos swiftly engaged the press, announcing plans to focus on Milei’s comprehensive bill and fiscal reform agenda. He aimed to advance discussions with Senate leaders on his first day as cabinet chief.
“The president has entrusted me with revitalizing governance in this challenging political landscape,” Francos informed reporters. “We are committed to building consensus on crucial bills in Congress.”
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Milei’s Warning and Delayed Reforms
Milei cautioned that his cabinet’s fate hinged on Congress’s reaction to the reform bill. Posse resigned as Milei headed to San Francisco for crucial tech company meetings, stressing the situation’s gravity.
Investors had been growing anxious about Milei’s delayed reforms, originally slated for ratification by May 25. However, the president recently conceded that the process, along with negotiations with governors, might extend into June or July.
Posse’s Background and Contribution
Posse, pivotal in Milei’s campaign, became a key IMF negotiator for Argentina’s $44-billion program. Despite corporate roots, Posse’s political novitiate contrasted his adept behind-the-scenes maneuvers and organizational prowess.
Posse transitioned from a successful corporate career at Aeropuertos Argentina 2000 to join Milei’s campaign. Politicians and diplomats acknowledged his role in Milei’s surprising primary victory last August. They praised his organizational skills.
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