Economics
Fears of Argentina Default Loom Large as Traders Dump Everything
- Credit-default swaps spike as bond yields soar into distress
- Peso drops to record, stocks plunge on Macri’s primary debacle
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Argentina is once again on the cusp of a full-blown financial crisis.
In the wake of President Mauricio Macri’s stunning rout in primary elections over the weekend, investors dumped its stocks, bonds and currency en masse, leaving much of Wall Street wondering whether the country was headed for yet another default.