Argentina's bonds were down in London trading and further volatility loomed...
BUENOS AIRES - Argentina’s bonds were down in London trading and further volatility loomed on Monday after voters rejected President Mauricio Macri’s austere economic policies in primary elections, casting serious doubt on his chances of re-election in October.
Analysts predicted it could be “game over” for Macri because Fernandez’s lead far exceeded the margin of 2-8% forecast in recent opinion polls. Investors regard Fernandez as a riskier prospect than free-markets advocate Macri due to the opposition’s past interventionist policies. There could be an even stronger degree of market volatility because the official results by early Monday indicated that Fernandez had enough voter support to clinch the presidency in October’s first round, analysts said.
“The main responsibility of both coalitions should be to prioritize governance over the campaign,” Vilker said, noting that the results could send markets reeling.Argentina’s main political parties have already chosen their presidential nominees, allowing the primary to serve as the first concrete measure of voter sentiment after opinion polls showed a narrow margin between Macri and Fernandez.
He told supporters on Sunday the primary vote was a “bad election” for his coalition ahead of the official results.
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