Argentina stocks sank, the national currency collapsed and interest rates increased Monday after center-right President Mauricio Macri was crushed in a primary vote that was dominated by a populist ticket that included his predecessor.
“The size of the loss speaks to the depth of disgust for Macri’s policies and the dissatisfaction over the direction of the country,” said Carlos Fara, who heads a political consulting firm in Buenos Aires. He called the result a “vote of punishment.” The markets continued to support Macri. Their crash Monday reflected investor fears of a takeover by populists who would impose generous but fiscally irresponsible social spending programs.
A supporter of Alberto Fernandez holds a handkerchief with the presidential candidate and his running mate, former President Cristina Fernandez de Kirchner, in Buenos Aires on Sunday. Adrian Foresi, 54, who owns a plumbing supply business, explained his vote this way: “I voted for Cristina because she will put the country back on its feet. There was less unemployment when she was in power and she helped people pay for their studies, to buy houses. Macri is destroying industry with all his taxes. Argentina has lost its productive capacity.”
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