A boost for Argentine debt

Pimco already had a $5.2bn (£3.92bn) exposure to the emerging market.

Investors in the GAM Multi Bond Local Emerging Bond, Goldman Sachs Emerging Markets Debt and M&G Emerging Markets Debt funds will also find themselves exposed to the Argentinian story.

A bond with a 15 per cent coupon maturing in five or eight years might be too good an opportunity to pass up, but the history of Argentina’s financial markets is far from encouraging.

The IMF intervention could provide some stability, but the president of Argentina still faces an election in late 2019.

However, the opposition and Peronists are still divided, meaning Macri’s chances of re-election remain high.

While it only takes a goal or a single poor performance from their talismanic leader to change the fortunes of the Argentine national football team, the same applies to the country as a whole.

Charles Younes is a research manager at FE