Argentina's Javier Milei Sworn In As President, Warns Of Austerity

 

BBC: Javier Milei: New president tells Argentina 'shock treatment' looms 

Argentina's new far-right president has vowed to deliver economic "shock treatment" in his first speech after formally taking office. 

Javier Milei warned Argentines "there is no money" and recommitted to a programme of harsh austerity measures. 

The populist outsider won a surprise election victory in November with radical pledges to overhaul the South American nation's ailing economy. 

Mr Milei's inauguration was held in Buenos Aires on Sunday.

In a day of pomp and ceremony, the 53-year-old capped his extraordinary rise to power with a speech which left Argentines in no doubt he intends to embark on an economic path unlike any previous president.  

Read more .... 

Argentina's Javier Milei Sworn In As President 

In inaugural speech, Argentina's Javier Milei prepares nation for painful shock adjustment -- AP  

Argentina's Javier Milei sworn in as president, promises painful shocks -- The Washington Post  

Argentina: Milei sworn in as president, warns of austerity -- DW 

Milei’s reduced cabinet sworn in without press present -- Buenos Aires Herald  

Argentina Govt to Lay Out Economic Measures on Tuesday -- Reuters  

Argentina's markets wait impatiently for Milei's shock therapy -- Reuters

Populist Javier Milei Wins Argentina's Presidential Election

 

Politico: Populist Javier Milei prevails in Argentina’s presidential runoff Economy Minister Sergio Massa conceded defeat. 

BUENOS AIRES, Argentina — Argentina’s Economy Minister Sergio Massa conceded defeat to populist Javier Milei in Sunday’s fiercely polarized presidential runoff even before the country’s electoral authority released official results. 

Massa congratulated his opponent, a right-wing economist who has promised a dramatic shake-up for many of the nation’s institutions and welcomed frequent comparisons of him to former U.S. President Donald Trump.

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WNU Editor: He definitely has a mandate for change with 56% of the vote, and winning the majority in 20 of 23 Argentine provinces. 

Populist Javier Milei Wins Argentina's Presidential Election  

Chainsaw in hand, ‘anarcho-capitalist’ Javier Milei upends Argentina’s politics -- France 24  

Argentina: Milei wins presidential vote, Massa admits defeat -- DW  

Javier Milei crushes Argentine left, becomes world's first libertarian head of state -- FOX News 

Far-right outsider Javier Milei wins Argentina’s presidency -- CNN  

President-elect Milei vows 'end of Argentina's decline' -- AFP  

Trump-admiring populist Milei wins in Argentina, edging the country closer to a dollarized economy -- CNBC  

Radical political change in Argentina and an uncertain future -- BBC  

The lion, the wig and the warrior. Who is Javier Milei, Argentina’s president-elect? -- AP

Argentina Presidential Election Heading To A Run-Off

 

CNN: Argentina presidential election heading to run-off with Massa leading Milei 

CNN — The battle to decide who will run crisis-wracked Argentina is heading to a run off vote next month between left wing candidate Sergio Massa and far right libertarian Javier Milei, according to data released by Argentina’s National Electoral Chamber after the first round of voting on Sunday.

After polls closed Massa received the highest number of votes – 8,877,325, accounting for 36.33% of the total, data revealed. Milei received 7,373,876 votes – roughly 30.18%. Third place candidate Patricia Bullrich got 23.82% and conceded defeat late Sunday night. 

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WNU Editor: This result shows how powerful (and still popular) the Peronists are in Argentina. 

Argentina Presidential Election Heading To A Run-Off  

Argentine minister’s surprise showing sets up presidential election run-off with right-wing populist -- AP  

Argentina’s Peronists soar in election to seal run-off with radical Milei -- CNBC/Reuters 

Argentina election: Milei underperforms, but still reaches second round runoff against establishment's Massa -- FOX News  

Argentina's Massa beats Milei in first-round vote -- DW

Far-right populist Javier Milei fails to win first round of Argentina’s presidential election -- The Guardian 

Argentine economy minister bags surprise win over chainsaw-wielding populist in presidential poll -- France 24  

Peronists stage surprise comeback in Argentina -- GZero

Argentine Voters Go To The Polls To Elect A New President This Sunday

 

BBC: Argentina election: Javier Milei, TikTok economist, leads polls 

Argentina votes on Sunday in one of the most open presidential elections for decades. 

The effects of a deep economic crisis have proved fertile ground for an unorthodox far-right front-runner, with wild hair, big sideburns and a totally radical approach to ruling the country. 

Javier Milei was, until recently, a relative unknown. An economist, pundit and rock fan, he came top in recent primaries and polls now put him ahead in Sunday's first round.

He is very clear about wanting to shake things up. At one campaign event, he wielded a chainsaw to send a message that he intends to slash spending to improve Argentina's economy.  

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WNU Editor: Inflation in Argentina is now at 138%. Interest rates are at 133%. I do not think the majority of people in Argentina want this to continue and will vote for someone different. 

Argentine Voters Go To The Polls To Elect A New President This Sunday  

Argentina election: Javier Milei, TikTok economist, leads polls -- BBC  

Far-right candidate leads polls ahead of Argentina's presidential election -- Axios 

'I'm 50-50 until Sunday': Argentina's voters on a knife-edge as election nears -- Reuters  

A man, a plan, a chainsaw: How a power tool took center stage in Argentina’s presidential race -- AP  

Argentina’s far-right firebrand Javier Milei is the one to beat in a wide-open presidential race -- CNBC  

Argentine voters, fired up by anger, ready to leap into the political void -- Reuters

Political Change In Arganetina?

 

CNBC: Argentina devalues its currency, jacks up interest rates after shock far-right primary win 

* The moves were a bid by the government to calm markets in the wake of the Argentinian congressman’s surprise victory. 

* Argentinian stocks and its sovereign dollar bonds were also lower Monday. 

Argentina’s central bank devalued its currency, the peso, by close to 18% and hiked its benchmark interest rate by a whopping 21 percentage points to 118% on Monday following a shock primary election win by far-right libertarian Javier Milei. 

The moves were a bid by the government to calm markets in the wake of the Argentinian congressman’s surprise victory, which gave him the largest share of votes in the country’s presidential primary election at roughly 30%, far exceeding forecasts. 

Markets had been betting on favorable results for moderate candidates. Argentina’s presidential election will be held in October.  

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WNU Editor: After decades of political and economic chaos are the voters in Argentina looking for a radical change? We shall see. 

More News On The Primary Win Of Libertarian Candidate Javier Milei.  

Argentine peso plunges after rightist who admires Trump comes first in primary vote -- AP  

Argentina devalues peso, raises rates after shock primary vote -- Reuters  

Far-Right Libertarian Wins Argentina's Presidential Primary -- New York Times  

Argentina's Javier Milei copies Trump's playbook to become country's biggest primary election vote-getter -- FOX News  

Financial markets react to shock of far-right candidate's win in Argentina -- UPI  

Far-right Javier Milei wins most votes in Argentina’s primary election -- Al Jazeera

Argentina's Inflation Rate Is Now Over 100%

Argentinians says prices have spiked with each weekly visit to the store [File: Mariana Nedelcu/Reuters]  

Reuters: 'Zero capacity to save': Argentines buckle as inflation tops 104% 

BUENOS AIRES, April 14 (Reuters) - Argentina's annual inflation rate soared to 104.3% in March, the official statistics agency said on Friday, one of the highest rates in the world, straining people's wallets and stoking a cost-of-living crisis that has pushed up poverty. 

The inflation reading for the month came in at 7.7%, well above analyst forecasts of 7.1%, marking the fastest monthly rise since 2002 and piling pressure on the government which is contending with angry voters ahead of elections in October. 

 "I try to think that someday we're going to be better off. But the inflation we're living with today in Argentina is terrible. It feels like never before," said Claudia Hernansaez, a publishing company employee. "In my case, I have zero capacity to save." 

The soaring prices have hammered salaries and spending power, pushed up poverty to near 40%, and dented the popularity of the governing Peronist coalition as general elections near.  

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Update: Argentinians buckle under 104.3 percent inflation (Al Jazeera).  

WNU Editor: Argentina is not the only country facing sky-high inflation rates .... Nigeria suffers 17-year high inflation despite monetary policies (Punch). The upcoming Turkish election will also being impacted by inflation .... Will Turkey’s inflation crisis damage Erdogan’s re-election chances? (France 24).

Electrical Blackout Plunged Half Of Argentina Into Darkness

General view of Atucha I nuclear power plant during a blackout that included parts of the capital Buenos Aires, and the central regions of Santa Fe, Neuquen, Cordoba and Mendoza, according to a statement from the Energy secretariat, in Zarate, on the outskirts of Buenos Aires, Argentina, March 1, 2023. REUTERS/Matias Baglietto  

BBC: Argentina's power largely restored after fire hits national grid 

Power has largely been restored in Argentina after more than half of the country was left without electricity for several hours. 

More than 20 million people in major cities and large swathes of the countryside were affected on Wednesday. 

The blackout is believed to have been caused by a large fire in open fields west of the capital, Buenos Aires. 

The blaze brought down crucial power lines and forced a nuclear power station to be taken offline.  

Read more ....  

WNU Editor: This massive power blackout was caused by a fire that brought down crucial power lines and forced a nuclear power station to be taken offline. This is just another reminder on how vulnerable the grid really is in many countries of the world. 

Electrical Blackout Plunged Half Of Argentina Into Darkness  

Argentina power line fire sparks huge blackout amid heat wave -- Reuters  

Argentina's Power Restored After Blackout Plunged Half Of Country Into Darkness -- Zero Hedge  

Argentina hit by huge power outage, affecting several provinces -- Buenos Aires Times

Bread And Circuses In Argentina

Argentina's capital Buenos Aires was brought to a standstill as football player Lionel Messi and his teammates traveled through the city in an open air bus after their stunning win of the 2022 World Cup https://t.co/8nfwNTkFzr pic.twitter.com/AO9ueyr23L

— CNN International (@cnni) December 21, 2022

WNU Editor: The country is experiencing an inflation rate of 92% .... Argentina Inflation Spikes to 92% as Economic Growth Picks Up (Bloomberg). But millions of Argentinians are partying on the streets of Buenos Aires. 

Human nature has not changed since the beginning of time. But at least our technology has gotten better over the centuries.

Argentina’s Vice-President And Former President, Cristina Fernández de Kirchner, Has Been Sentenced To Six Years In $1bn Fraud Case

Argentina's Vice President Cristina Fernandez de Kirchner speaks during an event with the Union of Metallurgical Workers in Buenos Aires, Argentina November 4, 2022. REUTERS/Matias Baglietto  

The Guardian: Argentina’s Cristina Fernández sentenced to six years in $1bn fraud case  

Vice-president and former president also given lifelong ban on holding public office after being found guilty  

Argentina’s vice-president and former president, Cristina Fernández de Kirchner, has been sentenced to six years in prison and given a lifelong ban on holding public office after being found guilty in a $1bn fraud case related to public works. 

Fernández de Kirchner – who was president of Argentina for two terms between 2007 and 2015 – was found guilty of fraud on Tuesday, though she is unlikely to serve any prison time soon as she has immunity due to her government roles and is expected to launch a lengthy appeals process that could take years.  

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WNU Editor: She is not going to jail. She has immunity because of her role in the government and I would not be surprised if she launches a lengthy appeals process that could take years. 

Argentina’s Vice-President And Former President, Cristina Fernández de Kirchner, Has Been Sentenced To Six Years In $1bn Fraud Case  

Cristina Fernández: Argentina vice-president found guilty of corruption -- BBC  

Argentine court sentences VP Fernandez de Kirchner to 6 years in prison in graft case -- Reuters  

Argentina’s VP Fernández guilty in $1B fraud, gets 6 years -- AP  

Argentine court sentences VP Cristina Kirchner to six years in prison for graft -- France 24  

Argentina's vice president found guilty of fraud -- DW  

Argentina's vice president convicted in $1 billion fraud trial -- Axios

Argentina Hikes Interest Rates To 75% As Inflation Approaches 100%

A shopper inside a grocery store in San Francisco, California, U.S., on Monday, May 2, 2022. U.S. inflation-adjusted consumer spending rose in March despite intense price pressures, indicating households still have solid appetites and wherewithal for shopping. Photographer: David Paul Morris/Bloomberg , Bloomberg  

Bloomberg: Argentina to Hike Interest Rates to 75% as Inflation Nears 100% 

(Bloomberg) -- Argentina’s central bank raised its benchmark interest rate Thursday in a bid to prop up its currency and curb inflation nearing 100%. 

The central bank boosted its benchmark Leliq rate by 5.5 percentage points to 75%, according to an emailed statement. 

The move comes a day after data showed consumer prices jumped nearly 79% a year in August, the fastest pace in 30 years. It was the bank’s ninth rate hike this year. 

The bank’s board of directors also added in the statement that it intends to reduce the level of short-term debt held by the central bank next year, but didn’t provide more specifics.  

Read more ....  

Update #1: Argentina hikes interest rate by 550 basis points to 75% after inflation overshoots (CNBC/Reuters)  

Update #2: Economists say Argentina to see 95% inflation in 2022 (BNN) 

WNU Editor: The Argentine government has lost control. And the sad part is that Argentina's government believes the situation will be improving next year .... Argentina's draft budget sees inflation next year at 60%, growth at 2% (Reuters).

Argentina VP Cristina Fernández Escapes Assassination Attempt Unharmed After Attempted Shooting

 

Daily Mail: Terrifying moment assassin's gun JAMS as he tries to shoot Argentina's vice president in the head at point-blank range and he is tackled by security 

* Vice president Cristina Fernández de Kirchner was targeted outside her home in assassination attempt 

* Fernando Montiel, a 35-year-old Brazilian, allegedly pointed a loaded handgun at her at point blank range 

* The 69-year-old politician ducked out of the way but only survived because the gun jammed and did not fire 

* The gunman, who has previous weapons offences, was arrested and his gun was loaded with five bullets 

* Fernández de Kirchner is in the middle of a corruption trial and leads the hardline wing of center-left coalition 

Argentina's vice president has survived an assassination attempt after a gunman pointed a loaded handgun at her head at point-blank range and pulled the trigger but the weapon jammed.

Cristina Fernández de Kirchner, 69, arrived outside her home in Recoleta, Buenos Aires, yesterday evening to a crowd of supporters when the would-be assassin emerged and aimed the gun at her. 

Fernando Montiel, a 35-year-old Brazilian with a Nazi tattoo, was tackled by security and arrested after the .32-caliber Bersa, which was loaded with five bullets, jammed and did not fire. 

Read more .... 

Argentina VP Cristina Fernández Escapes Assassination Attempt Unharmed After Attempted Shooting  

Cristina Fernández de Kirchner: Gun jams during bid to kill Argentina vice-president -- BBC  

Argentina VP Kirchner unharmed after attempted shooting -- France 24  

Argentina VP Cristina Fernández escapes assassination attempt unharmed after gun misfires; suspect arrested -- FOX News  

Suspect arrested after failed assassination attempt on Argentine vice president -- CNN  

Man detained over 'assassination attempt' on Argentinian Vice-President Cristina Fernández de Kirchner -- ABC News Australia  

Cristina Fernández de Kirchner: arrest after attempted shooting of Argentina vice-president -- The Guardian  

Argentine president says man tried to shoot vice president -- ABC News/AP  

Argentina authorities investigate man who tried to kill VP -- AP  

Explainer: How the attack on Argentine VP Cristina Kirchner unfolded -- Reuters

Supporters Of Argentina Vice President Cristina Fernandez de Kirchner Clash With Riot Police Days After Prosecutors Sought A 12-Year Prison Sentence Against Her

 

CNN: At least 14 police injured as supporters of Argentina's vice president protest 

(CNN)Police fired tear gas in the Argentine capital Saturday, as they clashed with supporters of vice president Cristina Fernandez de Kirchner, days after prosecutors sought a 12-year prison sentence against her for alleged corruption. 

Argentina's official news agency Télam reported police used sticks and tear gas on protesters after a group of people knocked down fences that the city government had ordered to be put up near the vice president's residence. 

At least 14 police officers were injured in the violence, according to Felipe Miguel, the chief of staff of the Buenos Aires government. Four protesters were arrested following the clashes, the local government said. 

Read more ....  

Update #1: Tensions soar as riot police clash with pro-CFK demonstrators in Recoleta (Buenos Aires Times)  

Update #2: Thousands rally in defence of Argentina’s Fernandez de Kirchner (Argentina)  

WNU Editor: Argentina's public prosecutor is asking that Vice President Cristina Kirchner be sentenced to 12 years in prison and disqualified from public office for alleged corruption during her two terms as president .... Argentina prosecutor seeks 12 yrs jail for VP Kirchner in graft trial (France 24). But the bigger problem and crisis in Argentina is its economy .... Argentina hikes interest rates to 69.5% as inflation hits 20-year high (CNN).

Argentina On The Verge Of Default As Pandemic Closes Down the Economy

DNYUZ: Argentina Teeters on Default, Again, as Pandemic Guts Economy

BUENOS AIRES — Argentina is hurtling toward default on international loans in two weeks, a prospect that threatens to revive its reputation as a serial deadbeat and global financial pariah that could haunt the Latin American country long after the coronavirus pandemic is over.

If Argentina defaults, which as of Friday appeared likely, it would be the third time in two decades that the country has failed to meet loan payments after having amassed billions of dollars in foreign debt in a deepening spiral of economic dysfunction. Argentina would join Lebanon as the first defaulters in the financial tumult caused by the coronavirus.

Read more ....

Update #1: As pandemic continues, Argentina faces bankruptcy again (DW)
Update #2: Argentina debt deadlock remains as president says talks to continue (Reuters)

WNU Editor: Argentina was behind in its debt payments before the pandemic. The pandemic just puts a nail in the coffin that Argentina will not pay. But I do think Argentina is going to be in a surprise this time around. For as long as I can remember Argentina would go into debt, declare it cannot pay, default, and after a few years the cycle would repeat again. But this time around money is short. The global economy is facing a crisis that has not been seen since the Second World War, and countries are responding in a manner where the interests of their citizens are the priority. Bottom line. No one is going to lend their money to unreliable countries like Argentina. No one.

Argentina Is Facing The Prospect Of Another Massive Default

CNBC: As ‘do-or-die’ IMF talks draw to a close, Argentina faces prospect of another default

* Last week, the IMF sent a team of economists to Buenos Aires for the fund’s first formal negotiation with Argentina’s newly-elected government.
* The talks, which are scheduled to end on Wednesday, are being held in order to avoid the prospect of history repeating itself.
* Jimena Blanco, head of Latin America at Verisk Maplecroft, told CNBC that the risk consultancy had assigned a 77% probability that Argentina would default before the end of the year.

Argentina is on the cusp of registering another devastating default, analysts have told CNBC, as international investors anxiously await the outcome of “do-or-die” debt restructuring talks.

Argentina’s government has said it needs to restructure $100 billion in debt, including $44 billion to the International Monetary Fund (IMF).

Last week, the IMF sent a team of economists to Buenos Aires for the fund’s first formal negotiation with Argentina’s newly-elected government.

The talks, which are scheduled to end on Wednesday, are being held in order to avoid the prospect of history repeating itself.

In 2001, Argentina defaulted on around $100 billion of debt. It triggered the worst economic crisis in the country’s history and resulted in millions of middle-class citizens falling into poverty — a consequence many in Argentina blame on the fiscal policies enforced by the IMF at the time.

Read more ....

Update #1: Argentine bonds teeter on signals expected from IMF about debt revamp talks (Reuters)
Update #2: IMF Cannot Offer Argentina a Haircut on Loan, Georgieva Says (Bloomberg)

WNU Editor: One of my favourite sayings is the following .... Fool me once, shame on you. Fool me twice, I am an idiot. The IMF and the other lenders are idiots. Argentina's government has a long history of borrowing money, and then demanding partial payments and/or not paying it back. No one should lend them money.

Peronist Candidate Alberto Fernandez Wins Argentine Presidential Election

The Guardian: Argentina election: Macri out as Cristina Fernández de Kirchner returns to office as VP

Victory of Alberto Fernández’s presidential campaign puts an end to the pro-business economic policies of Macri’s administration

In a dramatic comeback, Cristina Fernández de Kirchner, one of Argentina’s most popular presidents during her two terms in 2007-2015, has been voted back into office as vice president.

A large crowd of supporters burst into a roar outside the Frente de Todos (Everybody’s Front) party bunker in the Chacarita neighbourhood of the capital city of Buenos Aires at 9pm when preliminary official results gave the victory to presidential candidate Alberto Fernández and Fernández de Kirchner.

Read more ....

WNU editor: This makes it official .... Incumbent Mauricio Macri concedes defeat to Peronist candidate Alberto Fernández in Argentina’s presidential election (Washington Post). It is going to be wild week for Argentina's currency and stock markets.

More News On Argentina's Election

Argentine incumbent concedes defeat in presidential vote -- AP
Alberto Fernandez wins Argentine presidential election -- DW
Argentina's Fernandez leads Macri with first results counted, heading toward outright win -- Reuters
Argentina's Fernandez leads Macri with first results counted, heading towards outright win -- France 24
Argentina rejects austerity to elect Alberto Fernandez president -- Al Jazeera

Argentine Voters Head To The Polls This Sunday To Elect A New Government

Time: As Argentina Goes to the Polls, Voters Are Falling Back in Love With a Divisive Political Movement

As Argentina heads into its presidential election Sunday amid economic crisis, voters are mulling a dramatic change of course for their country.

Four years ago, Argentina shocked the international community by turning its back on Peronism, the divisive political movement that had ruled the South American country of 44 million consistently since 2001, — most recently under former President Cristina Fernández de Kirchner. At the 2015 elections, voters shunned Kirchner’s protégé, who promised to continue her mix of protectionist economic policy and subsidized living costs. Instead, they elected Mauricio Macri, a slick millionaire businessman who promised reforms that would open Argentina up to international investment.

Read more ....

More News On Argentina's Election This Sunday

Argentines, in shadow of crisis, weigh vote for change ahead of Sunday ballot -- Reuters
Argentina election: Voters go to the polls amid deep economic crisis -- BBC
Argentine voters to head to polls amid debt crisis fears -- Al Jazeera
‘You can’t rule anything out in Argentina’: Default risk casts a shadow over presidential election -- CNBC
Abortion divides voters as Argentina heads to polls -- France 24
Argentina could take another sharp political turn in vote -- AP
Argentina election: Economy main issue for voters -- BBC
Argentina elections: Five things to know -- Al Jazeera
Factbox: Argentine president-in-waiting Alberto Fernandez in his own words -- Reuters

Argentina Imposes Currency Controls

A man shows Argentine pesos outside a bank in Buenos Aires' financial district, Argentina August 30, 2018. REUTERS/Marcos Brindicci/File Photo

DW: Argentina: Macri imposes currency controls as peso spirals

President Mauricio Macri's government has imposed foreign-exchange controls on Argentine exporters. A week of financial uncertainty has led to a sharp drop in the value of the peso.

In an effort to prop up the peso, authorities ordered exporters and citizens to seek permission from the Central Bank of Argentina before purchasing foreign currency or making transfers abroad, according to a decree published in the Official Bulletin on Sunday.

In the wording of Sunday's decree, the temporary measures would "regulate more intensely the currency exchange regime and strengthen the normal functioning of the economy."

Individuals seeking to buy dollars now face a monthly limit of $10,000 (€9,100). All these new measures will remain in place until December 31.

Read more ....

WNU Editor: Considering who is likely to be the enxt President .... Conservative Argentine President Macri Suffer A Massive Defeat In Primary Elections On Sunday (August 12, 2019) .... if I had money in Argentina I would be looking for a way out.

More News On Argentina Imposing Currency Controls

IMF pledges support for Argentina after return to currency controls amid debt crisis -- Reuters
Argentina imposes exchange controls to calm markets -- France 24
Argentina Imposes Capital Controls as Reserves Drain Away -- Bloomberg
Argentina Imposes Currency Controls -- Zero Hedge

Argentina's Peso, Bond Markets, And Stock Exchange Crashes After President Macri's Party Loses In Primary Election

Zero Hedge: Macri Massacre Cuts Stocks In Half Today As Argentina Slides Into The Abyss

In a stunning move, Argentina's MERVAL stock index was cut in half today, crashing 48% in USD terms on the day.

As Bloomberg reports, this is the second-biggest one-day rout on any of the 94 stock exchanges tracked by Bloomberg going back to 1950.

Read more ....

Update #1: Argentina's stock exchange crashes after President Macri's party loses in primary election (WION/AFP)
Update #2: Argentina's peso, stock exchange plunge after Macri vote defeat (DW)

WNU Editor: I have seen stock market crashes before, but never one where the exchange lost almost half of its value in one day. According to Bloomberg, this is the second biggest drop that I have seen in a stock market since 1950. As to what is my take. Considering the very real possibility that Populist Peronist candidate Alberto Fernández is most likely going to win the Presidency later this year, and who is already promising a doubling down of past policies that put Argentina where it is today, if I was an investor I would be bailing out of the country right now.

Conservative Argentine President Macri Suffer A Massive Defeat In Primary Elections On Sunday

BBC: Argentine leader Mauricio Macri trounced in primary vote

Conservative Argentine President Mauricio Macri suffered a resounding defeat in primary elections on Sunday.

The primary, in which presidential candidates from all parties take part, was won by his left-wing rival, Alberto Fernández.

Mr Macri, whose austerity measures have turned many voters against him, is hoping to win a second term in office in the presidential poll on 27 October.

But analysts say his chances of beating Mr Fernández now look very slim.

Read more ....

Update #1: Macri suffers crushing defeat in key Argentina primaries (AFP)
Update #2: Argentine peso crashes after Macri gets thumped in primary election (Reuters)

WNU Editor: Argentinians have clearly signalled that they do not want to endure any more austerity, and they want the previous political party (that put them in the mess that they are in) back in power. Not surprising, investors now want out of Argentina .... Argentine election surprise triggers crash in peso and bond sell-off (CNBC).

Argentina's Missing Submarine Has Been Found

CNN: Argentina's missing submarine found a year after it vanished with 44 aboard

A missing Argentine naval submarine has been found, a year and a day after it vanished in the South Atlantic with 44 crew members on board, authorities said Saturday.

The wreckage of the ARA San Juan, which "suffered an implosion," was found about 870 meters (2,850 feet) down on the ocean floor, Argentine naval Capt. Gabriel Attis later told reporters in Buenos Aires.

Family members at the navy headquarters were shown three images of the remains of the San Juan's "sail," or tower, and bow sections.

Hours before the wreckage was positively identified, the Argentine navy tweeted an image of a point of interest on the seabed, suggesting that a 60-meter-long object might be the missing vessel. An American company contracted by Argentina located the submarine.

Read more ....

WNU Editor: Closure for the families will need to wait .... Argentine submarine: Government 'lacks means' to raise lost vessel (BBC). More here .... Argentina minister says country without means to rescue sub (ABC News).

More News On Argentina's Missing Submarine Being Found

Wreck of Argentine submarine is found 2,600ft beneath the waves a year after it exploded and disappeared beneath the South Atlantic with 44 aboard -- Daily Mail
Argentine sub found partially 'imploded' after yearlong search -- Reuters
Argentine submarine found on bottom of Atlantic Ocean after year of searching -- ABC News
Argentine navy submarine found 2,600 feet deep in Atlantic one year after disappearing -- FOX News
U.S. crew finds missing Argentine submarine year later -- UPI
Missing Argentine Submarine Found In Deep Ocean Ravine -- NPR
U.S. Underwater Mapping Firm Finds Wreckage of Missing Argentine Sub -- USNI News
Submarine that vanished with 44 sailors found near Argentina; search for bodies and answers begins -- Washington Post
Discovered San Juan Sub Deformed With Signs of Explosion - Argentine Navy Chief -- Sputnik
The company that couldn’t find MH370 just found a missing Argentinian submarine -- Quartz