5 years ago

Argentina’s presidential primaries failed to trigger market turmoil

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The defeat of Argentine President Makri’s presidential primary election on August 11 caused the country’s market turmoil. At the time of the country’s financial crisis, Finance Minister Dukhov suddenly resigned on the 17th.

Although Mauricio Macri rushed to launch relief measures on the 14th, it failed to stop the decline of the country’s currency, the Argentine peso. On the 16th, rating agencies Fitch and Standard & Poor’s global company also downgraded the country’s debt rating to junk status, indicating that it is likely to default.

The results of the primaries on the 11th showed that Mark’s position as president may have to be handed over. Opposition candidate Alberto Fernandez led the combination with a vote rate of 47.7% and the Markley combination with a vote rate of 32.23%. Since the election results were released, the country’s currency peso evaporates by a quarter in one week, the largest market crash since the debt default in 2001.

In his resignation letter to the president, Nicolás Dujovne stated that he had gone all out. He also wrote: “I believe that given this situation, the government you lead (Mark) needs to make major updates in the economic field.”

Argentina’s economic problems have been serious in recent years. In the case of peso, the price of imported products will rise. The 22% inflation rate is expected to rise further. For one has suffered from double-digit unemployment and one third of the country. For the poor population, there is no doubt that it is a big burden.

The Argentine presidential palace issued a statement on the 17th that the position in Dukhov was taken over by Hernán Lacunza. He is 50 years old and has served as the finance minister of the province’s most populous province of Buenos Aires since December 2015. He served as the general manager and chief economist of the central bank from 2005 to 2010, and later founded the economic consultancy Empiria. He once said that it needs to maintain an open communication channel with the International Monetary Fund, while taking care of the needs of the Athen people.

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