Argentines Reflect on Last Week’s Election Results, Market Shock
- A pro-Macri march Friday turned into a poorly-attended flop
- Many Fernandez voters blame President Macri for peso’s plunge
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Investors are growing dire on Argentina after a shock election result, but some voters don’t buy the market’s concerns while others remain stunned by the crippling loss. Both ends of the spectrum are latching onto conspiracy theories about what’s gone wrong, and what’s next.
The peso tanked 17% this week and two ratings agencies downgraded Argentina after left-wing candidate Alberto Fernandez walloped President Mauricio Macri in a landslide primary election. Investors are concerned that Fernandez is now a virtual lock for October’s general election, marking an end to the pro-business Macri era.