Overview
- Ricardo Arriazu says political calm after the October vote and a budget that targets surplus mark a turn toward fiscal discipline he considers essential.
- He distinguishes the new U.S. Treasury–BCRA swap from China’s arrangement, calling it a discretionary liquidity backstop that Argentina can deploy to steady markets.
- Arriazu highlights Vaca Muerta’s potential pending infrastructure buildout and projects a swing from past energy deficits to a roughly $9 billion surplus this year with further gains ahead.
- He warns mining demands very large, long-duration capital that only arrives with strong legal certainty and trust because the “money must be buried.”
- BYMA’s Claudio Zuchovicki expects 2026 to favor the real economy as lower U.S. rates push capital toward production, saying Argentina’s energy, mining and food profile could benefit if reforms and clear rules advance.