In mid-July, JPMorgan’s EMBI index for Argentina — which reflects the interest rate Argentina would pay to borrow abroad — touched 402 basis points, its lowest level since April 2018.

As the days went by, however, the chance of breaking through the 400-point barrier gradually faded.

While the economic team didn’t set it as an explicit goal for the JPMorgan index to fall below 400 points, there are several reasons it would be desirable.

First, it would mean a lower cost of financing for the Argentine government.

Second, it represents a kind of “psychological barrier”—not only because it would be the lowest reading of the Milei administration, but also the lowest level in more than eight years, since April 20, 2018, during Mauricio Macri’s presidency.

This Friday, August 15,........

© Buenos Aires Herald