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Argentina’s Precarious Equilibrium:
Argentina’s headline reforms under President Milei—disinflation, fiscal surplus, and bond recovery—mask deeper vulnerabilities: negative net reserves, a fragile banking system tied to overnight peso liabilities, and legal-institutional resistance. This in-depth analysis by The SAVI Group unpacks the true macro risks, identifies winners and losers, and outlines the key signals that will determine when large-scale capital can safely return.

Santiago Vitagliano
Aug 5, 20255 min read
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