Pro-business President Mauricio Macri predicts even worse situation to follow after Argentina's peso and the Buenos Aires stock exchange plummeted
Argentina's President Mauricio Macri looks on during a news conference after the presidential primaries, in Buenos Aires, Argentina August 12, 2019.
On the New York stock exchange, Argentine bonds lost around 20 per cent and shares in companies from the recession-hit South American country haemorrhaged more than 50 per cent. Ever since taking office, Macri has blamed Argentina's economic woes on the policies enacted by three successive Kirchner governments -- Cristina Kirchner's 2007-15 time in office was preceded by a single term for her late husband Nestor."The Kirchnerist alternative has no credibility in the world."
Argentina is currently in a recession and posted 22 per cent inflation for the first half of the year -- one of the highest rates in the world.Backed by the International Monetary Fund, Macri has initiated an austerity plan that is deeply unpopular among ordinary Argentines, who have seen their spending power diminished dramatically.But the Buenos Aires stock exchange shot up eight per cent on Friday amid expectation that Macri would do well in Sunday's vote.
"We've had a bad election and that forces us to redouble our efforts," said Macri, whose popularity has plunged since last year's currency crisis and the much-criticized $56 billion IMF bail-out loan he secured.Fernandez scored 47 per cent and if he repeats that result in the October 27 general election first round, he would win outright without need for a November 24 run-off.
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