Markets In Argentina Plunge After Poor Primary Showing For Incumbent President

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A poor showing for Argentina's President Mauricio Macri and a surge for his leftist opponent sparked fears of a possible default on the country's IMF loans, sending the peso to its lowest level in nearly two decades and causing a massive sell-off in the country's stock market. Although Macri, who belongs to the center-right Republican Proposal party, was not expected to do well in Monday's primary, populist Alberto Fernández and his running mate, ex-president Christina Kirchner, scored 15 points higher in their primary for Citizen's Unity. The peso closed Monday 15% weaker at 52.14 per U.S. dollar, but earlier in the day it had briefly plunged by nearly 38%. The country's Merval stock index plummeted by 37.93%. Macri secured just 32 percent of the vote...

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Markets In Argentina Plunge After Poor Primary Showing For Incumbent President

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