"UBS changes stance on Argentina, crisis accelerates towards 'reform enthusiast' Macri"

After the failure of the Argentine free market reformist Javier Milei in local elections, Morgan Stanley's bullish forecast for Argentina was abandoned in less than a week. Before the crucial local elections in Buenos Aires last weekend, the bank, along with competitors such as Bank of America and JPMorgan Chase, had advised clients to buy Argentine government bonds, betting that the recent political missteps of the Argentine president had already been fully absorbed in the sell-off that had swept through the country's financial markets in recent months.