The report of JP Morgan of September 12 comes loaded with euphemisms, technicalities and figures that They seek to give calm. However, what really It transpires between the lines is panic. The overwhelming defeat of Freedom advances in the province of Buenos Aires – with an unexpected margin of almost 14 points against Peronism – left the most powerful investment bank on the planet in stupor.
The analysts of Global Watch They fail to hide that their “friends” in governmentmany of them executive of the bank itself (Caputo, Bausili, Daza, Werning, Quirno, Reidel), are at risk of delivering results that, if just failing to the dessert, could collapse the success narrative that Wall Street built around them.
JP Morgan does not come out of his astonishment
The document tries to be analytical, but the numbers reveal another story. After the Buenos Aires defeat:
The report speaks of “flashes of hope” and “fiscal discipline” as a cornerstone, but fails to hide that the true political data –a province that votes in mass against Milei and a revitalized Peronism with Axel Kicillof in the front- shakes certainty about governance.
Here the paradox emerges: JP Morgan’s former employeesthat today manage the Argentine economic policy, They could end up being responsible for a monumental failure. If specified, the sociotechnical network described by Michel Callon would fray, leaving Caputo and company without the symbolic capital that they sought to export as “successful” operators.
Beyond the figures and damping jargon, What JPMorgan’s report reveals is simple: fear. Fear of a change of political correlation that threatens financial interests, fear that the disciples of the parent company fail and, above all, fear that the narrative of “Argentina tamed by the market” collapses in a matter of weeks.
The next six weeks become a fire test. If Caputo and his team manage to sustain the program to the national elections, Wall Street can continue to sell the fiction of success. But If the polls repeat the Buenos Aires surprise, there will be no technical report that covers reality: JP Morgan will have fluctuated in front of Argentina and their own former employees will have demonstrated that, Even with all the support of global capital, the lion could not tame the foal.
Director of doing.com.ar, YouTube channel: @DRPABLigani
Source: Ambito
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