Argentine dilemma

BBVA & SCH: Hold

Argentina has been rumbling like an angry volcano for months. Finally the top has been blown off the problem, resulting in not only financial chaos but serious political and social unrest. The situation is still extremely volatile and unclear, especially for the banking system. Therefore, from a European perspective, the volatility and lack of clarity are most relevant for the large Spanish banking groups, BBVA and SCH.

Both banks are well diversified and well managed, with very strong domestic

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