Pressure is mounting on Argentina’s central bank as it attempts to manage the peso with rapidly diminishing FX reserves. While policymakers have poured cold water on growing speculation of a currency devaluation, we think that they will eventually cave in – as Cristina Kirchner’s government did in early 2014. Elsewhere, Bolivians will head to the polls this weekend to elect a new president but, whatever the outcome, the new leader will face an uphill battle to manage the country’s public debt and balance of payments risks.
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