Thanks to the impressive performance of Argentina’s privatised utilities during the past decade, utility investors have been over-optimistic about the country’s regulatory and economic risks. Now they are having to rethink their approach, in light of the recent problems.
“I don’t believe the companies did not calculate the effects of a change on their cashflow. But they probably didn’t expect such an extreme change,” says Carlos Romero, research associate at the Centro de Estudios E
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