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Barclays Says Argentine Vote 'Substantial Defeat' for Kirchner
Bloomberg
June 29, 2009

By Joshua Goodman

June 29 (Bloomberg) -- A "substantial defeat" for Argentine President Cristina Fernandez de Kirchner in congressional elections last night should be positive for the country's credit, Barclays Plc said.

To regain the political momentum following the loss of its majority in the House and Senate, Fernandez may attempt to nationalize Repsol YPF SA, a move that "would prove difficult for the opposition to reject," analysts Guillermo Mondino and Sebastian Vargas wrote in a report.

A financing deal with the International Monetary Fund, reform of export taxes and "cleansing" of the government's statistics agencies are also more likely now, the report said.

To contact the reporter on this story: Joshua Goodman in Rio de Janeiro jgoodman19@bloomberg.net

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