Argentina's peso closed weaker again on Tuesday following a second day of m...
BUENOS AIRES - Argentina’s peso closed weaker again on Tuesday following a second day of market turmoil triggered by opposition candidate Alberto Fernandez’s landslide victory in a primary election that dealt a severe blow to President Mauricio Macri’s re-election chances.
“The market thinks Fernandez will likely default and impose capital controls and renegotiate with the IMF. In a nutshell, the market thinks Fernandez is the return of populism,” said Claudio Irigoyen of Bank of America Merrill Lynch . The weaker peso quickly translated into higher prices on Argentine store shelves. Some shops selling household appliances in the capital Buenos Aires, at a loss for how to price their products amid the fluctuating exchange rate, stopped printing price tags and instead asked customers to inquire.
Fernandez, regarded as a moderate within the Peronist movement, has said he would seek to “rework” Argentina’s $57-billion standby agreement with the International Monetary Fund if he won the general election. He has proposed an economic and social pact to combat inflation, which is running at 55%. “What’s happening with the exchange rate and the collapse of the market is just an example of what will happen,” Lia added.
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