Latam 8 January 18

The year ended with bells and whistles, as the Congress had a heated debate due to the pension and tax reforms, while the government in a controversial move changed the inflation targets. The Government succeeded in passing the 2018 Budget, the tax reform and the pension reform. Although the approval of reforms was key to improve the fiscal consolidation, the confidence in the Government recorded its largest fall           (-20.3%) during Macri’s Administration, doubling the drop of April 2016 (10%).