Title : Argentina's Peso, Bond Markets, And Stock Exchange Crashes After President Macri's Party Loses In Primary Election
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Argentina's Peso, Bond Markets, And Stock Exchange Crashes After President Macri's Party Loses In Primary Election
Zero Hedge: Macri Massacre Cuts Stocks In Half Today As Argentina Slides Into The Abyss
In a stunning move, Argentina's MERVAL stock index was cut in half today, crashing 48% in USD terms on the day.
As Bloomberg reports, this is the second-biggest one-day rout on any of the 94 stock exchanges tracked by Bloomberg going back to 1950.
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Update #1: Argentina's stock exchange crashes after President Macri's party loses in primary election (WION/AFP)
Update #2: Argentina's peso, stock exchange plunge after Macri vote defeat (DW)
WNU Editor: I have seen stock market crashes before, but never one where the exchange lost almost half of its value in one day. According to Bloomberg, this is the second biggest drop that I have seen in a stock market since 1950. As to what is my take. Considering the very real possibility that Populist Peronist candidate Alberto Fernández is most likely going to win the Presidency later this year, and who is already promising a doubling down of past policies that put Argentina where it is today, if I was an investor I would be bailing out of the country right now.
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