Key Takeaways From Argentina’s Primary Vote Surprise: TOPLive

Outsider economist Javier Milei’s surprise win in Argentina’s presidential primaries sent markets tumbling. Here are the key takeaways:

• The government devalued the official peso rate by 18% after suffering a heavy electoral defeat. The central bank also stepped in, raising interest rates by 21 percentage points to 118%.
• Stocks got hammered. The local Merval index was down as much as 14% in dollar terms, and a US-traded Argentina ETF plunged the most since March 2020 in heavy trading. Bonds fell as well, particularly in Europe.
• Milei, who has promised to burn down the central bank, took a third of ...