Argentina's peso and dollar-denominated bonds dropped again on Tuesday as m...
BUENOS AIRES - Argentina’s peso and dollar-denominated bonds dropped again on Tuesday as market turmoil spilled into a second day following opposition candidate Alberto Fernandez’s landslide victory in a primary election that dealt a severe blow to President Mauricio Macri’s re-election chances.
Fernandez, who has former President Cristina Fernandez as his running mate, pulled off a stunning upset in the primary with a wider-than-expected 15-point lead over Macri, a free market proponent. “The dialogue is open, but I don’t want to lie to Argentines. What can I do? I’m just a candidate, my pen doesn’t sign decrees,” Fernandez said in an interview with Argentine TV channel Net TV broadcast on Monday.
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.Argentine assets had not recorded the kind of simultaneous fall seen on Monday since the South American country’s 2001 economic crisis and debt default, Refinitiv data showed.
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