Argentina’s beleaguered peso currency collapsed after market-friendly President Mauricio Macri’s worse-than-expected performance in the country’s primary election on Sunday
BUENOS AIRES - Argentina’s peso currency collapsed on Monday while stocks and bonds crashed by a degree not seen in 18 years as voters flirted with a return to interventionist economics by snubbing market-friendly President Mauricio Macri for the opposition in Sunday’s primary vote.
Refinitiv data showed that Argentine stocks, bonds and the peso had not recorded this kind of simultaneous fall since the South American country’s 2001 economic crisis and debt default. “It’s a very small market,” Thin said. “Ever since Macri reopened the markets, took some market-friendly measures, there’s been a trickle of activity back in the peso and Argentine assets in general. Money has been trickling back in but it is still very minimal.”See more stories
Despite Macri’s struggles, investors see the Fernandez ticket as a riskier prospect due to the opposition’s previous interventionist policies. Edward Glossop, Latin America economist for Capital Economics, predicted higher inflation in a country that has fought against chronic rising prices for decades.
Voters were given a stark choice to stay the course of painful austerity measures under Macri or return to economic policies that are heavy on state involvement.
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