Claudio M. Loser, visiting senior fellow at the Inter-American Dialogue, president of Centennial Group Latin America and former head of the Western Hemisphere Department of the International Monetary Fund: “No matter the outcome of the forthcoming elections, the financial system in Argentina will be subject to critical pressure. Argentina’s financial system already has shrunk significantly in relation to the size of the economy, on account of the government’s inflationary policies, and the threat of dollarization by candidate MileI, both of which have resulted in a run from the local currency. Furthermore, local banks have significant exposure to government and central bank financial instruments and have dollar deposits with counterpart reserves in the central bank, and so are hostages of the authorities. If Minister Massa becomes president, the current circumstances will likely remain for a while, although he may take measures to reduce the fiscal deficit and will seek to bring some order into…”