Argentina is becoming more attractive to lend to. That is not the same as becoming more trustworthy to investors.
That distinction matters at a moment when Javier Milei’s government has real macroeconomic achievements to show.
Country risk hovers around 500 basis points. Inflation, while still high by international standards, is no longer the runaway force it was at the end of 2023, when the libertarian took office.
The fiscal balance has moved from chronic deficit to surplus. Markets that spent years treating Argentina as a pariah are, at least for now, less afraid.
None of this is cosmetic. Lower country risk can reopen the conversation about capital-market access. Lower inflation makes pricing, contracts, salaries, and investment planning less absurd.
