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ECONOMY | 09-02-2024 00:08

Goldman, Barclays, Citi get up-close look at Milei’s Argentina

Some of Wall Street’s largest banks are set to visit Argentina just as Javier Milei tries to come back from a massive defeat in Congress.

Some of Wall Street’s largest banks are set to visit Argentina just as Javier Milei tries to come back from a massive defeat in Congress. 

Representatives from Goldman Sachs Group Inc and Barclays Plc will visit the South American nation starting February 12, people familiar with the matter said, asking not to be named discussing private information.

Both firms have invited a handful of clients to join, the people added, declining to give more details.

Citigroup Inc’s Chief Executive Officer Jane Fraser is also expected to be in Buenos Aires next week, one person with direct knowledge of the matter said.  

All of the firms are expected to meet with government officials, including representatives from Milei’s office, the Economy Ministry and the Central Bank. 

Spokespeople for Goldman Sachs and Barclays declined to comment. A Citi spokesperson didn’t immediately provide comment. Government press offices didn’t respond to a request for comment. 

The visits come just days after President Milei’s hallmark reform package stalled in congress amid a lack of support. On Wednesday, Goldman Sachs convened a virtual call between its clients and Federico Sturzenegger, one of Milei’s top advisers, where he spoke about delays related to the so-called omnibus package, according to a person with direct knowledge of the call. 

The legislative setback put a dent in the rally seen in Argentine sovereign bonds since Milei was elected in November promising radical change to pull the economy back from the brink of its sixth recession in a decade.  

by Kevin Simauchi, Manuela Tobias & Ignacio Olivera Doll, Bloomberg

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