S&P slashes Argentina’s long-term credit rating another three notches into the deepest area of junk debt. Read more:
BUENOS AIRES - Argentina’s battered bonds and currency were driven still lower on Friday amid downgrades by three credit ratings agencies and a new central bank policy that some private economists said hinted at a return to capital controls.
“Financial entities must get prior authorization from the central bank to distribute their results,” the central bank said in a statement without elaborating.“The central bank is not allowing them to distribute results, that means they cannot use their pesos. This is not a restriction of access to the FX market, but on the availability of pesos,” a source familiar with the central bank plan told Reuters.
The latest round of tumult to plague Latin America’s No. 3 economy started with the Aug. 11 primary election, in which business-friendly President Mauricio Macri got soundly thumped by center-left Peronist challenger Alberto Fernandez.
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