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7/24/17

The demolition of the Argentine Peso continues

Longer-term watchers of Latin America know what this means:


The Argentine Peso came under heavy selling pressure today, it touched 17.66 until just before the end of the day when the government, via the Buenos Aires Province bank, intervened and dumped dollars onto the market to stop the rot. It closed 17.43 after the late flurry, but there's a real finger-in-the-dyke feel about this, the government is getting desperate to cover over the systemic weaknesses that the market knows all about.

The ironic thing about Argentina in the last ten years; When Cristina is President, the rest of the world begs for the country to implode. It doesn't. Now with Macri President, the rest of the world is wishing it the best of fortune. And it goes down the tubes.