Argentine peso crashes as Macri's re-election chances drop

Argentine peso crashes after Macri gets thumped in primary election

Macri, a scion of one of Argentina’s wealthiest families, came to power in 2015 on promises to kick-start Latin America’s third-largest economy via a liberalization wave.

A candidate needs at least 45% of the vote, or 40% and a difference of 10 percentage points over the second-place runner, in order to win the presidency outright. Thin added that “beyond Brazil and maybe Uruguay, it’s going to have a very limited impact from an economic standpoint.” “The key point there is that high inflation means the peso will need to continue to weaken to maintain its competitiveness,” Glossop added. He said it was “completely feasible” for the peso to drop to as low as 70 per U.S. dollar.

Kirchner imposed strict currency controls that slammed investment during her 2007-2015 administration. She fought with the farm sector over export taxes and presided over a multi-year standoff with bondholders that kept Argentina locked out of the international capital markets.

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