Kirchners' Power On The Wane

The successful passage of the pension takeover bill, which was in line with our core view, has alleviated short-term risks of a political crisis in Argentina, as was feared in the wake of the rejection of the agricultural tax bill in July. Longer term, though, the Kirchners' grip on power appears to be weakening, with anti-Kirchner Peronists and traditional opposition parties gaining strength.

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