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A week of volatility in Argentina ends with the Peso down 8.81%

Saturday, April 27th 2019 - 11:30 UTC
Full article 5 comments

Argentina’s peso fell back on Friday afternoon to post a record low close, giving up earlier gains after a tumultuous week that saw the currency battered to its weakest ever level and local debt pummeled as anxious investors fled. Read full article

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  • Enrique Massot

    In summary: President Mauricio Macri took office three and a half years ago promising to forge ahead and never return to the policies of “the last 70 years” in a country whose citizens “do not want to go backwards,” according to Macri.

    However, when his “market friendly” approach takes water from all sides, Macri turns to a return to the most “populist” measures implemented by the “populist” government of Cristina Fernandez de Kirchner.

    Unfortunately, this abrupt change reveals a government that has lost all sense of direction -- if it ever had one.

    What Macri does then? Guess what...blame the market, that's what.

    The market, according to Macri, is “guys who are behind a computer in a faraway place, who buy, sell and have a short-term, opportunistic vision...” (And the statement continues as reported by other media): “...who do not know about our determination not to change direction.”

    Of course, Macri's incredibly shallow statements show a president at a total loss, as friends begin taking healthy distance, scandals such as that surfaced about Marcelo D'Alessio and Ernesto Stornelli balloon, and vote intentions vanish with each passing day.

    A sad end to the first Argentine elected government's attempt to install a neo-liberal economic program.

    Apr 28th, 2019 - 01:06 am - Link - Report abuse 0
  • The Voice

    The Spectre of KFC rising from the grave is obviously spooking the markets!

    Apr 28th, 2019 - 09:00 am - Link - Report abuse 0
  • Enrique Massot

    Indeed. The Spectre of thousands of chickens slaughtered by Kentucky Fried Chicken (KFC) it's more than any market in the world may be able to withstand!

    Apr 28th, 2019 - 04:07 pm - Link - Report abuse 0
  • Zaphod Beeblebrox

    EM,

    “A sad end to the first Argentine elected government's attempt to install a neo-liberal economic program.”

    Don't count you (KF) chickens too soon - the polls remain close...

    Also, among all the bad economic indicators (typically no worse than CFK's years) the balance of trade has been in positive territory since the latter part of last year and the capital flow from the country has shown a sharp reduction and looks likely to break even or turn positive next quarter. Of course you dismiss any positive economic news from Argentina as being some sort of joke (ignoring the joke of the economic statistics provided during the CFk years). https://tradingeconomics.com/argentina/balance-of-trade

    Apr 30th, 2019 - 05:54 pm - Link - Report abuse 0
  • Enrique Massot

    ZB

    “The balance of trade has been in positive territory since the latter part of last year and the capital flow from the country...looks likely to break even or turn positive next quarter.”

    Sure! Everybody is talking about that in Argentina!

    Sorry, my bad. It's the government who has been promising improvements since day one in office.

    Of course, bad Kirchnerist boys and girls are spreading bad “fake” news every day. Poor Clarin and La Nacion cannot keep up with the flow and desperately try to shed some optimism on the situation.

    “The government is to sign a 10-point agreement with Peronist sectors to safely arrive to the election,” titled La Nacion a couple days ago. The story, multiplied ad-nauseum by the rest of the government-friendly media, ended in fiasco when most of the parties in the imaginary agreement flatly refuted the government claims.

    But hey, as Zaphod does, keep cheering Macri away in hopes of a better tomorrow!

    May 04th, 2019 - 04:28 pm - Link - Report abuse 0

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