Argentina is back in the game after its disastrous fall from grace in 2001. In Latin America’s current investment climate, where demand continues unabated despite growing political risk, it had no difficulty last month in making its first new bond issue direct to international investors since 2001 – for $500m. Another issue of $500m is expected soon.

Argentina has preferred to rely on Venezuela and local investors for its financing needs. This year it has borrowed $1.5bn at below market interest rates from Venezuela, which is flush with petro-dollars and eager to build its influence in the region.