Investors are increasingly worried that Argentina will be unable to repay its billions of dollars in debt and are dumping the country's assets.
Argentina is on the brink of financial crisis after a shocking primary election saw President Mauricio Macri lose to Alberto Fernandez and his running mate, former president Cristina Fernandez de Kirschner. The S&P Merval Index plummeted 48% Monday, the second-largest single-day drop for any stock market since 1950. The Argentine peso fell 15% against the US dollar Monday, and extended losses on Tuesday. Investors are worried that Argentina will default on its debt again.
Argentina is on the brink of financial crisis after a shocking primary election saw President Mauricio Macri lose to Alberto Fernandez and his running mate, former president Cristina Fernandez de Kirschner. The S&P Merval Index plummeted 48% Monday, the second-largest single-day drop for any stock market since 1950. The Argentine peso fell 15% against the US dollar Monday, and extended losses on Tuesday. Investors are worried that Argentina will default on its debt again.
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