More and more, it's looking as if Argentina's worst days are in the rearview mirror, a decade and a half after its calamitous sovereign default burned investors and hobbled its economy for years.
Later this month, the government is expected to forecast strong growth and lower inflation for 2018, a testament to the reform-minded agenda of President Mauricio Macri. Since taking office in late 2015, Macri has opened up Argentina's economy and pushed market-friendly policies that have put the country back on track — and earned the good graces of global investors.
With his political support strengthened and markets cheering, Macri appears determined to advance new reforms and build on his successes as his second year in office winds down.
"He has shown his ability to enact deep reforms such as the elimination of capital controls with the liberalization of the exchange rate, removal of export tariffs and controlled pricing, and the implementation of an inflation-targeting regime at the Central Bank," said Joanne Irvine, Aberdeen Standard Investment's head of emerging market equities outside Asia.
According to Andrew Denney, CEO and investment advisor with Prosperity Financial Group, Macri's political and economic victories have been a "huge relief" for a population beaten down by the tumultuous reign of Cristina Fernandez de Kirchner.
Fernandez, who was dogged by corruption accusations and reviled by foreign investors, left the economy in near tatters. The former president is now trying to stage a political comeback and looms large as Macri attempts to consolidate support for his agenda.
Macri "has managed to reduce export tariffs, make great agreements with trading partners on the continent, erased currency controls since their recent bankruptcy and has passed many needed reforms," Denney said.