Argentina's Banco Galicia, buying HSBC's local assets in a near $500 million deal, is betting that new libertarian President Javier Milei will bring down soaring inflation and ease rates to boost lending in the South American nation. The local financial group's chief executive Fabian Kon told Reuters after the HSBC deal was confirmed that Milei's pro-market approach and tough fiscal policies should benefit the banking sector and help bring down inflation running over 275%. "As Argentina converges to lower inflation rates and lower interest rates you will see an explosive increase in credit," he said in a phone interview.
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Argentina is already feeling the sting of its new president’s policies – but Javier Milei is pressing ahead with ever-more radical plans to overhaul the economy.