Traders are having a field day as Argentina suffers.
A man walking past an electronic board showing currency exchange rates and an Argentine flag at a money exchange in Buenos Aires, Argentina.simply click here to claim your deal and get access to all exclusive Business Insider PRIME content.
The country had been steadily attempting to improve its difficult economic situation under President Mauricio Macri over the past few years, but shock election results on August 11 saw a rise in support for the opposition challenger Alberto Fernández and his running mate, former President Cristina Fernández de Kirchner.
In a note dated August 30, analysts led by Tiago Severo said they expected"a longer and deeper recession amidst higher inflation" — saying Argentina's economic slump was likely to be the longest since the country's disastrous default in 2001. S&P also indicated that the country was now in selective default despite Argentina's $57 billion loan agreement with the International Monetary Fund, which was the fund's largest outlay to date when agreed a year ago."Things in Argentina are likely will get worse, even with IMF support, and the country will struggle to access to international markets," said Andres Abadia, a senior international economist at Pantheon Macroeconomics.
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