Argentina may be the most distressed story in Latin America, but it is also the most undervalued.

A wave of bad news swept over Argentina last week. The departure of Economy Minister Martin Lousteau, the decision by Standard & Poors to place Argentina on negative outlook and the after-effects of global deleveraging left many investors running for cover.

Although Minister Lousteau was already on his way out, many people were caught by surprise. Carlos Fernandez, the head of the tax collection agency (AFIP), was selected to be his replacement. Although Fernandez is not much of a technocrat, he is more mature than his young predecessor and could be more cooperative with members of President Kirchner’s inner circle. Interior Commerce Secretary Guillermo Moreno was the biggest point of confrontation, given his propensity to meddle in all economic matters. Moreno is a close ally of the Kirchners, and he is the architect of the price controls. “*

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