Argentina

The fixture, part of the Qatar Football Festival, has been cancelled amid the ongoing US-Israeli war on Iran.

The ‘Finalissima’ match between Spain ‌and Argentina that was scheduled to be held in Qatar later this month has ⁠been cancelled due ⁠to the conflict in the Middle East, UEFA said in a statement.

“It is a source of great disappointment to UEFA and the organisers that circumstances and timing have denied the teams of the chance to compete for this prestigious prize in Qatar,” UEFA said in a statement on Sunday.

The US-Israeli strikes on Iran have affected countries throughout the Gulf, disrupting travel ⁠in some of the world’s busiest transit hubs and forcing several sporting events to be cancelled due to safety concerns.

The contest between European champions Spain and Copa America winners Argentina was ⁠scheduled for March 27 at Doha’s Lusail Stadium, where fans would have had the opportunity to watch Lionel Messi go head-to-head with Lamine Yamal.

UEFA said they held discussions with the organising authorities in Qatar and concluded that the match could not take place due to the “current political situation” in the ‌region.

The Spain vs Argentina game was part of the Qatar Football Festival, as promoted by local organisers.

The five-day festival also included Egypt vs Saudi Arabia and Qatar vs Serbia on March 26; Egypt vs Spain and Saudi Arabia vs Serbia on March 30 and Qatar vs Argentina on March 31.

Serbia will now play Spain away instead.

“Serbia will face the current European champions, Spain, on away turf on March 27, and four ⁠days later they will host the Saudi Arabian national team,” the ⁠Football Association of Serbia said in a statement.

UEFA said they explored other feasible alternatives to play the Finalissima but they proved to be ‘unacceptable’ to the Argentinian Football Association (AFA).

UEFA first offered to stage the match ⁠at the Santiago Bernabeu with a 50:50 split of supporters in the stadium.

A second option was to stage the Finalissima over two legs – ⁠at the Bernabeu on March 27 and the second leg ⁠in Buenos Aires during an international window before the next Euros and Copa America.

However, the AFA rejected both options. UEFA said Argentina made a counter offer to play the game after the World Cup but Spain had no available dates.

“Ultimately, ‌UEFA sought a commitment from Argentina that, if a neutral venue in Europe could be found, the game could go ahead on 27 March… or on the alternative date of 30 ‌March. ‌This proposal was also rejected,” UEFA added.

The 2022 edition of the Finalissima was held at Wembley Stadium in London where Argentina beat Italy 3-0.

BBC Sport has contacted the Argentine FA for comment.

Uefa said: “Argentina made a counter suggestion to play the game after the World Cup but, as Spain has no available dates, that option had to be ruled out.”

The Spanish FA said, external it had “worked intensively” to get the game on in any format possible, whether in Spain or at a neutral venue.

It said: “Spain was prepared to play as it has always been stated. They set no conditions.

“Spain, together with Uefa, has offered all possibilities.”

On Saturday the Bahrain and Saudi Arabian Formula 1 Grands Prix due to be held in April were cancelled.

Formula 1 said it is not safe to stage the races because of the conflict across the region.

The Finalissima, which is staged every four years and is organised by Uefa and the South American Football Confederation (Conmebol), was last won by Argentina at Wembley in 2022.

March 6 (UPI) — The military escalation in the Middle East has shaken global energy markets and put Latin America on alert. The rise in oil prices opens an uncertain scenario if the conflict drags on, but it also generates expectations among the region’s exporting countries.

In that context, Argentina is following the crisis with caution, but also with interest. A more expensive barrel of oil can translate into higher export revenues, which is important for an economy that seeks to increase foreign currency inflows and strengthen its fiscal accounts.

Attention is focused on Vaca Muerta, one of the world’s largest reserves of unconventional oil and gas. The field is in the Neuquén Basin in Argentine Patagonia, and has become the country’s main energy bet.

From there, companies and analysts are closely watching every signal coming from the Middle East. In the sector, a cautious attitude prevails, summed up in the logic of wait and see.

According to data from consulting firm Gas Energy Latin America, the price of a barrel rose from about $64 to nearly $76 after the escalation of the conflict. The jump of around $12 benefits countries that sell crude abroad. Brent Crude was trading at about $93 on Friday as prices continue to rise largely because of oil tanker disruption in the Strait of Hormuz.

Álvaro Ríos Roca, former hydrocarbons minister of Bolivia and director and founder of the firm, told UPI that many Latin American countries depend on selling raw materials such as oil, minerals or agricultural products.

He said these countries earn money mainly from those resources because they do not produce or export much science or technology.

For that reason, when the price of oil rises, countries that produce it earn more money and the state also receives more taxes. That money helps them maintain their public finances, which are often weak.

In this scenario, the analyst identified three clear beneficiaries: Brazil, Guyana and Argentina. All three export more oil than they import, so the price increase is directly reflected in their revenues.

Even so, Ríos Roca believes Argentina has an advantage within the region.

“Argentina has the best prospects in oil and gas. Its exports will continue growing because the international market is demanding more energy,” he said.

Part of that expectation is explained by energy projects already underway. One of them is a mid-scale liquefied natural gas initiative led by Pan American Energy that aims to begin exports in the second half of 2027.

In parallel, another larger project promoted by YPF plans to start large-scale sales between 2030 and 2031. Both projects aim to turn Argentina into a significant exporter of natural gas in the global market.

The situation is different in Brazil. The country exports large volumes of oil, but does not have the same capacity to export gas. Much of the gas it produces is reinjected into oil fields to maintain the pressure that allows crude extraction to continue. Another portion is used in the domestic market.

Argentina, by contrast, bases its production on a technique known as hydraulic fracturing, or fracking. This involves injecting water, sand and chemicals at high pressure to fracture deep rock and release oil and gas trapped underground. It is the same system that fueled the U.S. energy boom over the past decade.

For now, the analyst believes oil prices will continue to be shaped by developments in the Middle East conflict.

“I don’t think it will reach $100. On the other hand, if the crisis eases in the coming weeks, the price could stabilize near $70 per barrel,” Ríos Roca estimated.

Daniel Dreizzen, former secretary of energy planning of Argentina, agrees that rising prices benefit all producing countries.

“Export revenues could increase by about 20%, in line with the rise in oil,” he told UPI.

Deizzen also pointed to a key factor in Argentina’s case: The country’s refining capacity is practically at its limit. That means any additional oil produced will be destined for international markets.

“Argentina cannot refine much more. So the extra crude is exported,” he said.

That scenario also benefits oil companies, which sell the same product at a higher price. If the domestic market follows the so-called “export parity,” internal prices tend to align with international ones. That improves profitability and may encourage new investments in the energy sector.

While some countries gain from the new scenario, others face a more complex outlook. That is the case of Mexico.

According to Ríos Roca, Mexican production will continue declining due to a lack of investment. State-owned Petróleos Mexicanos, or Pemex, carries heavy debt with contractors and has little room to finance new exploration projects.

“Mexico had very strong production for decades, but it has been in decline for years. Even Venezuela now has better prospects,” he said. In Venezuela’s case, some analysts see a possible return of international investment, which could reactivate part of its energy industry.

In contrast, several Latin American countries would be on the losing side if high prices persist. Net energy importers such as Central American countries, as well as Bolivia, Paraguay, Uruguay and Chile, will have to pay more for the fuel they consume. The same applies to many Caribbean economies, where energy costs have a direct impact on inflation and growth.

Beyond the current situation, analysts agree on a global trend: demand for natural gas will continue growing.

“There is no decarbonization of the planet without natural gas,” Ríos Roca said. In that context, liquefied natural gas trade is expanding rapidly and opening opportunities for new exporters.

Argentina seeks to position itself in that market through LNG projects being developed around Vaca Muerta. The same trend could also emerge in Venezuela, where initiatives to export gas in the coming years are under evaluation.

However, the immediate direction of the energy market largely depends on what happens in the Middle East. Both analysts concurred that the key factor is not only the duration of the conflict, but also the damage that oil and transport facilities may suffer.

“Productive infrastructure is being destroyed amid the attacks,” Ríos Roca said. If those facilities are seriously damaged, the effects on the market could last much longer than the conflict itself. In that case, the impact on oil prices would be deeper and more prolonged.

BUESOS AIRES, Feb. 27 (UPI) — Argentina’s government took a new step in its strategy to meet upcoming dollar-denominated debt maturities without again relying on international markets. In a challenging financial context, President Javier Milei’s administration launched a new U.S. dollar bond aimed at raising up to $2 billion.

The goal is to get ahead of payments scheduled for July, when about $4.2 billion in private loans come due. Instead of seeking funds on Wall Street or using the swap line negotiated with the United States, the Economy Ministry chose to raise those dollars domestically.

The decision comes amid a recent increase in Argentina’s sovereign risk, an indicator that reflects how investors perceive a nation’s ability to repay its debt and that, when it rises, makes external borrowing more expensive.

With that roadmap, the economic team faced the first test of the new instrument on Wednesday. In the initial issuance, it placed $150 million at an annual rate of 5.89%, below what market analysts had estimated.

The response exceeded official expectations. The Finance Secretariat reported receiving bids totaling $868 million, nearly six times the amount ultimately taken by the government. For the government, that level of interest confirms there is demand for Argentine dollar debt even in a volatile environment.

The bond, which can only be subscribed to and paid for in U.S. dollars, will be included in the regular biweekly auctions alongside peso-denominated securities. In each initial auction, up to $150 million will be offered, with the possibility of expanding by another $100 million in a second round the following day, until the planned program is completed.

Identified as BONAR 2027 or AL27 in some markets, the security will mature on Oct. 29, 2027, after Argentina’s 2027 presidential election. It offers a 6% nominal annual rate, with monthly interest payments, and will repay principal in a single installment at maturity.

The initiative comes at a key moment for Argentina, which faces heavy foreign-currency commitments midyear. In that context, securing dollar financing without turning abroad becomes central to organizing the payment schedule and maintaining investor confidence.

Financial adviser Gastón Lentini, founder of consulting firm Doctor de tus Finanzas, told UPI that the dollar bond launched by Argentina has sparked strong interest among local investors.

“Unlike almost any bond issued before, this one pays interest every month,” he said.

In practice, this means that if someone invests $10,000, they will receive $50 each month until October 2027, when the bond matures and the invested principal is returned.

Economist Elena Alonso, co-founder of consultancy Esmerald Capital, noted that anyone can invest in this bond.

“The minimum amount is one dollar. Anyone who has never invested before only needs to open an investment account,” she said.

Lentini explained that in July the government faces a debt payment of about $4.2 billion, which includes interest and principal repayments on certain bonds.

“The limited level of international reserves and restricted access to dollars forces the government to be creative in raising the necessary funds and meeting payments,” he added.

Regarding the decision to finance domestically instead of going to international markets, the specialist said the current sovereign risk level would require Argentina to offer rates above 9% if it turned to foreign investors.

“Taking advantage of the restrictions that still exist on taking foreign currency out of the country, the economy minister is managing to finance with Argentines’ own dollars at a rate close to 6%, which is an achievement for the government,” he said.

On the currency swap line with the United States, Lentini said it will not be necessary. According to him, the combination of agro-industrial exports, oil, gas, minerals and incentives from the RIGI program allows the country to gather enough dollars to meet its obligations.

“The swap line serves as an additional backstop, but the strategy of paying with its own money strengthens investor confidence in respect for contracts,” he added.

Finally, Lentini said it would be positive for sovereign risk to decline to facilitate a debt rollover — a restructuring or refinancing of maturities — though if that does not happen, he does not see a risk of default this year, noting that Argentina is one of the few countries in the world with a surplus.

Alonso agreed that resorting to the swap line will not be necessary, as the country’s dollar reserves are growing. She also noted that, for the first time in years, private debt issuances and repurchase agreements with banks helped cover maturities.

“The swap line with the United States remains available as a backstop, but the government seeks to build credibility by using its own resources first,” she said.

BUENOS AIRES, Feb. 20 (UPI) — The announcement of the closure of FATE, the only tire manufacturer entirely owned by the Argentine capital and with more than 80 years of history, became the most visible symbol of the fracture facing industry under the government of Javier Milei.

FATE’s decision, announced on Wednesday, was made due to the company’s inability to compete with a wave of imported tires arriving from Asia at prices far below local costs.

FATE’s case was not isolated. According to the association Industriales Pymes Argentinos, or IPA, more than 22,000 companies have closed and more than 300,000 formal jobs have been lost over the past two years as a result of a trade liberalization policy that reduced tariffs with the promise of lowering consumer prices.

This strategy left local production facing competition that many business owners describe as unequal and difficult to sustain.

Daniel Rosato, the IPA president, told UPI that over the past two years, the country experienced an avalanche of imports, ranging from capital goods to food products.

He said Milei’s government reduced tariffs to boost competitiveness, but the outcome was different.

“Argentina has very high dollar-denominated costs and the domestic industry was unable to compete against cheaper imported products, many of these come from Asia,” Rosato said.

“It is very difficult to compete with China. This led the industry to begin producing less due to a lack of competitiveness. The recession is deepening. Factory closures affect not only small companies, but the entire industrial sector,” he said.

Economist Leonardo Park, a researcher at the think tank Fundar, said the government implemented a sweeping deregulation of foreign trade.

Some of these measures, he said, were necessary, such as eliminating bureaucratic systems that previously delayed or limited product imports and simplifying the permits companies needed to bring goods from abroad.

However, tariffs were also reduced, technical standards relaxed, customs controls loosened and the anti-dumping system was reformed.

“All of these reforms generated strong growth in imports since last year,” he said.

Park warned that a rapid increase in foreign purchases creates a risk for local production, as it competes directly with it.

“A drop in production can translate into a risk for the employment associated with that activity,” he said, adding that FATE’s case illustrates such an impact.

“More imported tires mean less domestic production,” Park said. “When production falls, companies downsize or close. The final effect is layoffs and job losses.”

The economist also pointed to two central concerns: the loss of industrial capabilities the country already developed and employment.

“Displaced workers often face difficulties finding jobs in other sectors, whether due to a lack of dynamism in the labor market, a shortage of new skills or because growing activities are concentrated in other regions,” Park said.

From a legal perspective, labor attorney Walter Mañko, partner at Deloitte Legal Argentina, said the company cited a loss of competitiveness that made the business unviable.

“It is true that tires coming from China have a much lower cost than those manufactured in Argentina and that generates a decline in domestic demand,” he said.

Mañko also underscored the social impact. The 920 jobs lost with FATE’s closure represent families that could be left without income. In economic terms, he added, the country loses its main tire manufacturer, a loss that he said cannot be overlooked.

After the closure announcement, Milei’s government intervened through the Labor Secretariat and ordered mandatory conciliation. It is a legal tool the state can activate without prior request from the company or the union to halt the conflict and restore the situation to the point before the crisis.

For 15 days, with the possibility of extending the period by five more, both sides must sit down to negotiate. The room for agreement is narrow. What happens in those talks will not only define FATE’s future, but also send a signal about Argentina’s industrial direction in this new economic phase.