Market volatility in Argentina could spark another currency crisis, analysts have told CNBC, as the country prepares for presidential elections later this year.
Renewed market volatility in Argentina could spark another currency crisis, analysts have told CNBC, as the recession-hit country prepares for presidential elections toward the end of the year.
"In Argentina, they are super-sensitive to any shift in the peso — more than any other country I can think of. They look at the peso as a guide for the economy and so, politically, it is really important," Fiona Mackie, regional director for Latin America at the Economist Intelligence Unit , told CNBC via telephone.
Growth indicators for Argentina remain weak. The economy shrank more than 6% in the final three months of 2018, while official data published late last month showed the poverty rate had climbed to 32%. The historic bailout deal requires the government to ease its primary fiscal deficit. But, many voters are unhappy with Macri for imposing utility subsidy cuts as part of that fiscal effort.
Financial markets rejoiced in 2015, when Macri was elected on promises that his orthodox policies would attract waves of foreign investment. His election came after eight years of free-spending populism under outgoing President Cristina Fernandez.
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