A dramatic week in Argentina. Chief of Staff Manuel Adorni resigned on Saturday after more than three months under scrutiny over his unexplained wealth — becoming the fourth person to hold the post in just 2.5 years. Meanwhile, the economic data painted a mixed picture: Q1 GDP beat expectations, but unemployment ticked up. MSCI declined to reclassify Argentina, and Economy Minister Luis Caputo secured the dollars for the July bond payment at a rate well below Wall Street.

*Adorni resigns amid wealth scandal — Interior Minister Diego Santilli floated as likely replacement
*Q1 GDP grows 0.7%, beating forecasts — unemployment rises to 7.8%
*MSCI keeps Argentina in Standalone status — reclassification off the table until at least 2027
*Caputo funds the July 9 bond payment at 6.7%, avoiding international markets
*The official dollar jumps 4.5% in June
*Government confidence rises for the first time in 2026
*Knowledge Economy exports surpass US$10 billion for the first time

A landmark week for Argentina's credit story — and we break it all down in under 3 minutes.

📊 In this episode:

*S&P upgrades Argentina to B- — now aligned with Fitch; country risk drops to 8-year low below 440bp
*Eight corporates upgraded: YPF, Pampa Energía, TGS, Telecom Argentina, Genneia, YPF Luz, EDEMSA, Aeropuertos Argentina 2000
*May inflation at 2.1%; core breaks below 2% for the first time
*Vice Minister Daza: "The dollar didn't flatten — it normalized"
*Industry and construction both -2.8% YoY; Argentina last in Americas for hiring expectations
*Delinquency hits 27% — Supervielle CEO sees 3-4 more tough months
*Adorni scandal goes global — FT publishes dedicated piece
*Louis Dreyfus announces US$400M sunflower plant in Bahía Blanca

📰 About the Argentina Brief:

The Argentina Brief includes a weekly X thread and video wrap-up, as well as a monthly English-language podcast covering the most important economic, financial, and business news from Argentina — built for investors, executives, and anyone following the Milei era in real time.

🔗 Follow for more Argentina coverage:*X Thread (full weekly breakdown): https://x.com/ArgentinaBrief/status/2066294994365825177

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

This week:

*Stanley Druckenmiller is back in Argentine stocks. His Duquesne Family Office picked up US$128 million in YPF — now at 20-year highs — plus Vista Energy and the MSCI Argentina ETF. Morgan Stanley, UBS, Goldman Sachs, JPMorgan, and Citi also bought Argentine equities in Q1.

*MSCI upgrade speculation is building. Morgan Stanley estimates Argentina could see US$5 billion in passive inflows if reclassified to emerging market status this month.

*Argentina's capital markets posted their best start to a year since 2015. Companies raised US$6.2 billion in debt issuances through April — dollar bonds drove nearly 90% of the total.

*Swiss trader Mercuria closed its US$1.42 billion acquisition of Shell's downstream assets — the Dock Sud refinery, 894 gas stations, and more.

*Chevron filed a RIGI application for El Trapial, a US$13.8 billion upstream project in Vaca Muerta — the first filed exclusively by a US company. RIGI now totals US$107 billion in committed investment across 38 projects.

*The Central Bank hit its US$10 billion reserve purchase target seven months early, on its 100th consecutive buying session. VP Vladimir Werning said the BCRA has restored its "firepower" ahead of the 2027 elections.

*Foreign Minister Pablo Quirno announced Argentina formally applied to join the Trans-Pacific trade bloc (CPTPP) — 12 countries representing 13% of global GDP.

*The latest REM survey: May inflation expected at 2.3%, breaking below 2% by August. Annual inflation forecast at 30.5% for 2026, 19.9% for 2027. GDP growth at 2.9% this year, 3.1% in 2027 and 2028.

Hosted by Francisco Aldaya, Bureau Chief for Argentina at Bloomberg Línea.

Argentina’s macro data finally gave Javier Milei some breathing room in May: economic activity beat expectations, manufacturing and construction rebounded, inflation slowed, and major RIGI investment announcements kept coming. But the country underneath the numbers still looked tense.

In Episode 3 of The Argentina Brief, Francisco Aldaya and Daniel Politi discuss Argentina’s hantavirus scare, cuts to disease-prevention programmes, the latest university marches, and warnings from government officials that austerity is reaching its limits. They also dig into the government’s strongest social talking point, falling poverty, and ask whether the headline number may be overstating the recovery, especially with disposable income still 12 percent below pre-Milei levels.

They also unpack the seemingly never-ending scandal involving Cabinet Chief Manuel Adorni, the factional warfare inside Milei’s camp that spilled into public view through an anonymous Twitter account, and whether investors care when political chaos starts to look like a governability problem. Peter Thiel then enters the conversation, with Palantir, Argentina’s proposed “social digital twin,” data-security concerns, and a very odd Buenos Aires run that includes a chess tournament in Almagro and fake AI images of him eating milanesa. And because fake milanesa is no substitute for the real thing, Allie Lazar joins to discuss where Thiel, or anyone else, should actually go for the city’s best milanesas.

Recorded on May 26, 2026.

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

Full thread on X: [https://x.com/ArgentinaBrief/status/2050714621095387519]

-Government confidence index hits lowest level since September, dropping 12.1% in April to 2.02 points — equivalent to Milei mustering roughly 40% of the vote if elections were held today.

-Bondholders increasingly focused on post-Milei risk, with October 2028 bonds trading 360 basis points above 2027 paper as the market prices in potential policy reversal after his term.

-Milei presents 20 charts defending his record at Fundación Libertad dinner, highlighting fiscal turnaround from 15% deficit to 0.2% surplus and inflation down from 289% to 33%.

-Vista Energy posts strong Q1 results with $865 million revenue and $694 million net income, up 58% year-over-year.

-YPF approves 10-for-1 stock split to boost retail participation, while Genneia-Edison submits top bid for Transener privatization.

The tension between improving economic fundamentals and declining public confidence — can Milei sustain the reform agenda through 2027? Let us know what you think in the comments!