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Argentine Peso Crashes as Macri's Re-election Chances Drop

Reuters

   BUENOS AIRES - Argentina's peso currency crashed on Monday while stocks
   and bonds fell by a degree not seen in 18 years as voters signaled they
   could reject market-friendly President Mauricio Macri at an election in
   October and return the country to interventionist economics.

   The peso closed 15.27% weaker at 53.5 per U.S. dollar after plunging
   some 30% to a record low of 65 to a dollar earlier in the day after
   Macri suffered a heavy loss in a primary election.

   Opposition candidate Alberto Fernandez - whose running mate is former
   president Cristina Fernandez de Kirchner - dominated the primary vote
   by a much wider-than-expected 15.5 percentage point margin over the
   president.

   Fernandez has said he would seek to "rework" Argentina's $57-billion
   standby agreement with the International Monetary Fund if he won
   October's general election.

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