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Argentina: Elections in October bring little clarity to future - The August 9° mandatory open primaries (PASO) brought little clarity as to who will succeed President Cristina Kirchner in the October 25" elections. She has held office since 2007 and, before that, her husband held the presidency from 2003-06. - Kirchner’s handpicked successor, current governor of Buenos Aires province, Daniel Scioli (of the Peronist faction) leads in the elections held last week. But the 2" and 3" place finishers could band together to pull off a victory. - The Argentine economy has seen zero growth this year. FDI has declined 41 percent and inflation stands at 30 percent. Voters remain deeply divided over which candidate and which economic policy to support. We expect continued problems for the foreseeable future. MB Repsol Oil Co, © Paris Club OW Muttilaterat funding organizations W) Private debt tenants “You’re only going to get this much back... .” Inflation and recession are clobbering the average Argentinean. Source: Straftor Deutsche Bank Francis J. Kelly Global Public Affairs francis.j.kelly@db.com 27 HOUSE_OVERSIGHT_026821