Argentina’s presidential election is increasingly poised to usher in a pro-market government after the ruling bloc coalesced around centrist Economy Minister Sergio Massa.
The nation’s bonds due in 2035 rallied about 1 cent on the dollar to 28.91 cents on Monday, the highest since February, following an announcement Friday that Massa would represent the ruling Peronist coalition in the October election. The decision was a sign that Vice President Cristina Fernandez de Kirchner, who has pushed for many of the measures that have left the country in dire financial straits, is losing power.
Kirchner was seen as backing a close ally, Interior Minister Eduardo de Pedro, who dropped out at the last minute to support Massa, who has close ties to Biden administration officials.
