Investors fear Argentine president Mauricio Macri will lose control of the country before reforming its finances.
Center-left candidate Alberto Fernandez has capitalized on rising poverty, soaring inflation and a battered currency under conservative incumbent Mauricio Macri. A Fernandez victory has spooked markets.
Argentina's currency and the Buenos Aires Stock Exchange have plummeted, a day after President Mauricio Macri suffered a crushing defeat in a primary election. The peso has shed 15% of its value against the dollar.
An election that was a litmus test for the October presidential election has dealt a blow to President Mauricio Macri. Argentines sent a resounding message of rejection of Macri's handling of the country's economy.
Argentina's spiraling peso rallied slightly after the country imposed capital controls. Despite government assurances, long lines formed outside banks with people worried about being able to withdraw their cash.
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