ARGT - Cry For Argentina
By Bill Witherell, Ph.D.
Argentina's primary election on Sunday, August 11, surprised everyone and shocked markets as the current president, Mauricio Macri, was defeated by 15.6 percentage points by the left-wing Peronist candidate Alberto Fernandez. Macri now appears to have only a very slim chance of winning the October 27 presidential election. His tough austerity measures, which were needed because of the serious state of the country's economy and finances, have not been successful and have proved to be very unpopular.
Markets reacted strongly early last week, with stocks, bonds, and the peso tumbling. At