Argentine radical far-right economist Javier Milei has unexpectedly won the country's primary vote, shaking up the race for the presidency and likely dealing a fresh blow to the peso.
Argentina's Economy Minister and presidential pre-candidate Sergio Massa of Union por la Patria alliance speaks on stage at his campaign headquarters during a primary election night event, in Buenos Aires, Argentina August 14, 2023. REUTERS/Mariana Nedelcuprimary voteWith negative international reserves, inflation over 100% and tight capital controls, Latin America's third largest economy faces fresh uncertainty ahead of October's presidential election.
"Whoever wins is going to have a really difficult job, especially now that it feels as if the population is even more fractured than we thought before.""While the results do suggest high demand for policy change, the probability of the bull case scenario that sees a macro adjustment and reform outlook backed by strong political capital has fallen. In other words, the uncertainty and risks around the execution of the policy change scenario have increased.
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