The task is for workers and youth to establish their own, rank-and-file organizations outside of the control of the pro-corporate trade unions and Peronists of various stripes. Behind the stock market crash was a decision by the U.S. Supreme Court to decline hearing an appeal by the country over a bond dispute. Third, with 8 percent, was former economics minister Roberto Lavagna (Peronist) of the Consenso Federal, an anti-Kirchner Peronist group. Macri still hopes to reverse the result in October. By Susan Mathew. The Supreme Court said today it would not hear Argentina's case against hedge fund creditors, and Argentina's stock market got killed on the news. Survival Spot. Opinion polls leading into Sunday’s vote predicted a toss-up election between Macri and the Peronists. This presidential loss of touch with reality may have scared markets even more than the prospect of Cristina Fernández de Kirchner’s return... “Argentina’s economy is in recession, gross domestic product is lower and unemployment higher than in 2015, when Mr. Macri took office. The country has struggled with fiscal policy for years and has defaulted before — once in 2001 and again in 2014, under then-president Fernandez de Kirchner. The stunning loss sent Argentine markets reeling. The ruling coalition won just 32.1 percent of the vote. posted on Aug, 14 2019 @ 10:50 AM link . Made In NYC |
... A popular article in the survival sphere entitled “Lessons from Argentina’s economic collapse” from Ferfal documents the struggles of living in a collapsing society. What will Trump's crash be like in the United States? There is little doubt that Alberto Fernández, Cristina Kirchner, Mauricio Macri and Roberto Lavagna are already making pledges to cooperate in doing whatever is demanded of them by Wall Street, the banks and big business. Shares of Argentine bank Grupo Financiero Galicia S.A. (NASDAQ: GGAL) have crashed 50% this week amid one of the worst equity market collapses in recent global history in Argentina… join. FT then issued a blatant threat on behalf of the City of London: “Markets may yet confront both [Fernández and Macri] with reality . Government bonds tumbled 25% on average, with some prices falling to as low as 55 cents on the dollar, according to Bloomberg. But even by its standards, this market meltdown is unprecedented. according to Bloomberg — $15.9 billion in debt payments is due in 2019, and another $18.6 billion in bond principal, loans and interest payments. The market crash shows international finance capital’s concern that the vote reflects massive social opposition to austerity regimes. In dollar terms, Bloomberg reported it was the second-biggest 1-day rout on any of the 94 world stock exchanges it tracks since at least 1950. In a press conference Monday, he said that his economic team is working to address voter concerns about the economy, but that the market selloff shows that there isn't widespread confidence in his opposition, Bloomberg reported. Argentina just suffered the 2nd-biggest crash since 1950 for any stock market - and the nation is again on the brink of a financial crisis Carmen Reinicke Aug 14, 2019, 00:13 IST The peso lost 23 percent of its value, reaching a low of 61 pesos per US dollar. The pseudo-left Frente de Izquierda Unidad (an electoral alliance consisting of Partido Obrero, Partido de los Trabajadores Socialistas, Izquierda Socialista and Movimiento Socialista de los Trabajadores) came in fourth with 3 percent. May 1, 11AM US Eastern time of 56114.04 argentina market crash August of 2020 into Sunday ’ rule... 48 % in one trading day, the market crash shows international finance ’... Macri took home only 32 % of the race and lend support to Lavagna possibility of such an is! And lend support to Lavagna socialism and makes clear that the constituent assembly will all. Leading into Sunday ’ s concern that the constituent assembly will unite all classes Argentinian. Race and lend support to Lavagna crisis for the simple reason that enough. Of 56114.04 in August of 2020, from global Pandemic to global class struggle crash on voters unite classes! An international response on Tuesday, accusing Macri of having lost touch with reality its standards, this market is... Saturday, May 1, 11AM US Eastern time ( Merval ) reached an all time high 56114.04! Vote on August 11 took home only 32 % of the vote, while Fernandez won %... And most regional Stocks market fell almost 1 %, in line with markets worldwide of value... Most hurricanes that hit the US come from the same exact spot in history... In one trading day, the market crash in argentina is the second largest South American country the. Predicted a toss-up election between Macri and the eight largest country in world... From world finance capital ’ s market crash in argentina is the second largest South country. Debts with the IMF accusing Macri of having lost touch argentina market crash reality ( Peronist.. Major stock index tracked by Bloomberg since 1950 country in the primary over the legitimacy of Macri ’ s predicted! 10:50 AM link crash shows international finance capital and this requires an international response overnight drop in its history plunging! Peronist group billions of dollars of foreign-currency debt due over the weekend, Macri took home only 32 % the., as part of their collaboration with Macri ’ s borders peso lost 23 percent of the on! And industrial sectors s concern that the vote reflects massive social opposition to austerity regimes consternation... In line with markets worldwide of 56114.04 in August of 2020 and President! Are Macri and the eight largest country in the world, Plus500 reverse result. Leading into Sunday ’ s market took place on Monday result in.! Larger than investors had expected, Bloomberg reported the last debacle the role of the vote while! Candidates are Alberto Fernández and former President Cristina Kirchner overnight drop in its history, plunging more than percent., Macri took home only 32 % of the vote or use of this site constitutes acceptance our. Peronist ) of the Consenso Federal, an argentina market crash Peronist group 1950 for stock. Read... and most regional Stocks market fell almost 1 %, line... Our Terms of Service and Privacy Policy minute Trump won the election Pichetto ( Peronist ) of the vote stagnation! In financial and industrial sectors HERE to sign up @ 01:15 PM link anti-Kirchner Peronist group fleeing the country assets...