Argentina's peso tanks 22% as it looks apparent that the IMF's man, Macri, is a goner in October. Default risks rising.
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With Macri in the gutter, markets will now price in another Argentina default. Macri’s primary election results proved disappointing far beyond market expectations. Cristina Kirchner, Argentina's two-term president, is looking for a third...only this time as a vice president. Her former chief of staff, Alberto Fernandez, is running in her place.“It doesn’t seem statistically possible that Macri can pull off reelection for the high opposition support that favors a first round win in October,” says Siobhan Morden, head of Latin America fixed income strategies for Amherst Pierpont Securities in New York.
So far, the IMF bailout, its biggest ever at $56 billion, has led to a stable but very weak peso, inflation of 50% or more and a tepid economic recovery. A woman holds up a banner showing images of presidential candidate Alberto Fernandez and Cristina Kirchner. The electorate has shown this weekend that they want Cristina's subsidies and relatively closed economy to return.Meanwhile, Vidal’s clobbering means Kicillof will have to restrain the arrogance of his most radical leftwing supporters, most of whom congregate in the youth-driven Che Guevera-Cristina Kirchner fanclub known as.
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