Two Homegrown Companies Defy Argentina’s Gloom
MercadoLibre and Globant show investors and citizens the country doesn’t have to be perpetually chaotic.
Martin Migoya, left, the CEO of Globant, and Marcos Eduardo Galperin, the CEO of MercadoLibre, are bullish on growth.
Photographer: Sarah Pabst/Bloomberg
Investors in Argentina would seem to have no peers among global losers.
After voters resoundingly rejected President Mauricio Macri and his free-market policies in primary elections earlier this month, the stock market, as measured by the S&P Merval Index, lost almost half its value in the biggest crash in at least six decades. The country’s currency, the peso, suffered its biggest decline since December 2015. The government’s benchmark-equivalent bond plummeted a record 26% to trade at 56 cents on the dollar, according to data compiled by Bloomberg.