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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
A stunning reversal for Argentina’s president Mauricio MacriNo opinion pollster predicted the scale of Mr Macri’s humiliation. The Argentine peso fell by 20% when markets opened on August 12th
Read more »
Markets bracing for volatility after Argentine opposition upsets Macri in primaryArgentina's bonds were down in London trading and further volatility loomed...
Read more »
In Argentina, A Totally Disastrous Weekend For Mauricio MacriArgentina's peso tanks 22% as it looks apparent that the IMF's man, Macri, is a goner in October. Default risks rising.
Read more »
Opposition candidate Fernandez seen ahead of President Macri in Argentina primary: local TVPeronist candidate Alberto Fernandez was seen leading President Mauricio Macri a...
Read more »
Argentines head to polls for primary in first Macri, Fernandez showdownArgentines have their first chance on Sunday to head to the ballot boxes in a hi...
Read more »
Argentina opposition on way to defeating Macri in primary after major upsetArgentine voters soundly rejected President Mauricio Macri's austere econom...
Read more »