The weekly Argentina Brief breaks down the biggest economic and financial news from Argentina — in under 3 minutes.

Full thread available on X: https://x.com/ArgentinaBrief/status/2055694184841933302

This week:

*April inflation falls to 2.6% — the lowest April print since 2017 (excluding 2020). Core held at 2.3%, food at 1.5%. Regulated prices (+4.7%) did the heavy lifting.

*Country risk dipped below 500 basis points for the first time since January. Goldman Sachs's Alberto Ramos told Bloomberg Línea that Argentina could issue bonds now — but Caputo "isn't wrong" to wait for tighter spreads.

*YPF filed the largest single RIGI project ever — a US$25 billion oil development in Vaca Muerta targeting 240,000 barrels per day by 2032, all for export. Four other projects were also approved, including a Chinese lithium expansion.

*Grupo Financiero Galicia swung back to profit with ARS$66.5 billion in net income. The drag: Naranja X, whose NPLs surged 155% YoY.

*MercadoLibre posted its fourth straight earnings miss. Citi downgraded the stock; five banks cut price targets. But Michael Burry is buying — his "load the truck" price is around US$1,300.

*Globant jumped 12% after CEO Martín Migoya delivered a bullish AI message: "This industry is being reconfigured in front of our eyes. Globant was built for this moment."

*The Central Bank disclosed it paid US$17.7 million in interest on the US$2.5 billion US Treasury swap — and revealed the China swap has been cut by two-thirds.

Hosted by Francisco Aldaya

A Fitch upgrade, a corruption scandal entering its third month, and quarterly results from Argentina's two largest companies by market cap — with very different outcomes.

FULL THREAD AVAILABLE ON X! https://x.com/ArgentinaBrief/status/2053545311293919531

This week: Economy Minister Luis Caputo shifts his tone on tapping international debt markets. Fitch raises Argentina from CCC+ to B-minus, while Moody's hints a July upgrade could be possible. The Adorni scandal intensifies as Patricia Bullrich publicly breaks ranks. MercadoLibre delivers 49% revenue growth but plunges 12.7% — and Michael Burry says he's buying. YPF beats estimates but slips on fuel price freeze questions. Plus: REM survey shows inflation steady but GDP expectations trimmed.

🎧 For a deeper dive, check out Episode 2 of the monthly Argentina Brief podcast with Dan Politi and Allie Lazar — available on all podcast platforms.

Stories covered:

1. Caputo shifts tone on international debt issuance
2. Fitch raises Argentina to B-minus
3. Moody's signals possible July upgrade
4. Adorni scandal — Bullrich calls for urgent asset declaration
5. Milei approval falls below 36%
6. REM survey: 2.6% inflation, peso forecasts strengthen, GDP trimmed to 2.8%
7. MercadoLibre Q1: 49% revenue growth, stock plunges 12.7%
8. Michael Burry takes position in MELI
9. YPF Q1: beats estimates, fuel price freeze in focus

Argentina’s recovery under Javier Milei is hitting new headwinds. The macro story still points to stabilization, but the data is getting messier: activity contracted in February, wages are still lagging inflation, and declining tax revenues are raising fresh questions about the sustainability of the budget surplus. Francisco Aldaya and Daniel Politi look at whether the economy has stalled and why so many Argentines feel their lives have gotten worse.

They also dig into a more fragile political landscape, with slipping approval ratings, internal tensions, and corruption scandals testing Milei’s promise to be different from Argentina’s traditional political class.

Allie Lazar joins to explain why fall may be Buenos Aires’ most wonderful (and riskies) season, puzzle over Argentina’s surprisingly poor showing in a global steakhouse list, and question what these rankings really tell us in the first place.

• (00:00) Intro

• (00:43) Fran's Brief

• (02:37) Dan's Brief

• (03:59) Dan's Number

• (05:14) Fran's Number

• (07:05) Economics Deep Dive

• (13:48) Politics Deep Dive

• (24:05) The Intersect

• (37:52) La Sobremesa

Recorded on May 3, 2026