Peso Crisis Drives Mortgage Rates to 15%, Upending Milei Agenda
The peso crisis in Argentina has driven mortgage rates to a staggering 15%, significantly impacting the government's agenda under the leadership of Javier Milei. Executives from Banco Nacion, Argentina's state-owned bank, were preparing to visit Wall Street to seek funding for a bond sale that would finance mortgages within the country. However, the surging mortgage rates have thrown a wrench into Milei's plans, as the high costs threaten to price many Argentinians out of the housing market. The crisis underscores the broader economic challenges facing the country, as it grapples with high inflation, currency devaluation, and a complex financial landscape. The situation highlights the urgent need for effective policy interventions to stabilize the housing market and address the underlying economic issues affecting Argentina.
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