Squeezed by an economic crisis in Argentina, voters turned to President Macri’s opponent in Sunday's primary elections
BUENOS AIRES - Argentine President Mauricio Macri vowed on Monday to win a second term despite a surprisingly strong performance by the opposition in the primary election that set off a shockwave through markets, crashing the peso currency and sending stocks and bonds tumbling.
“I trust we will have a more even election in October that will allow us to go to a second round. Those who don’t want to go back to the past will join us,” Macri said at a news conference, adding that he was not considering a cabinet reshuffle. Argentine stocks were among the top losers on the Nasdaq index, and the local Merval stock index closed 31% weaker. Falls of between 18-20 cents in Argentina’s benchmark 10-year bonds and century bond left them trading at around 60 cents on the dollar or even lower.
But the promised recovery has not materialized and Argentina is in recession with inflation at over 55%. Argentina’s main political parties had already chosen their presidential nominees, allowing the primary to serve as a first concrete measure of voter sentiment. “Markets react badly when they realize they were scammed. We are living a fictitious economy and the government is not giving answers,” he said in a radio interview Monday morning.
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