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The New York Times reports Argentina’s Macri Trounced in Primary by Voters Angry Over Economy.

The results were seen as a vindication of Mrs. Kirchner’s comeback plan, which was met with surprise and skepticism when she announced it in May. The deeply-polarizing former leader, who has been indicted in 11 corruption cases, tapped Alberto Fernández, a more moderate politician, to run as president.

Analysts said Monday that they saw little room for Mr. Macri to recover, warning that the electoral loss would only worsen the economic problems that have dogged his administration.

“This is irreversible,” said Lucas Romero, who runs Synopsis, a local polling firm. “Beyond the numbers themselves the result will have an impact on the economic situation that will prevent the government from changing people’s perspectives.”

Argentina’s currency fell, and its bonds and stocks plunged as investors, who had put significant faith in Mr. Macri’s belt-tightening efforts, braced for the possibility of a victory by Mrs. Kirchner.

Critics accuse her of overseeing a deeply corrupt government that distorted official economic figures and relied on a patchwork of unsustainable subsidies and social programs to retain political support.

Triumph of the Left

The Wall Street Journal reports Argentine Peso Dives After Populist Peronists Gain Edge in Vote.

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  • The peso initially weakened more than 30% against the dollar after pro-business President Mauricio Macri was dealt a resounding defeat in a primary election Sunday against Alberto Fernández, a leftist whose vice-presidential running mate is former President Cristina Kirchner, a firebrand nationalist. The peso later recovered some ground.
  • Argentina’s central bank stepped into currency markets Monday, auctioning off $50 million to try to support the peso. The bank’s benchmark interest rate jumped to 74%, from 63.7% on Friday, according to local reports.
  • The Merval index in Buenos Aires closed 38% lower on Monday after jumping 7.7% Friday on expectations that Mr. Macri would come in a close second place in Sunday’s primary, a mandatory vote that determines which parties will be able to run candidates in the October election.

Via translation from German, please consider the Triumph of the Left-Wing Populists Brings Stock Market Crash to Argentina

Vote of No Confidence

Hooray for the Left!

Mike "Mish" Shedlock