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Argentine markets slump as Milei fiscal fears mount
Argentina's central bank sold $379 million dollars to stabilize the peso amid investor concerns after President Milei's legislative defeats and rising election anxiety.
- This week in Buenos Aires, the Central Bank took action to support the peso after it dropped below the government's established trading band.
- This intervention followed political resistance in Congress against state spending cuts and the rejection of President Milei’s veto on university and hospital funding.
- Over two days, the Central Bank sold $432 million in reserves, but the peso still closed at a historic low of 1,515 pesos per US dollar on Friday.
- Economy Minister Luis Caputo vowed Thursday night the Bank would sell 'every last dollar' of reserves to prevent a peso collapse amid soaring investor fears ahead of October 26 midterm elections.
- The intervention slowed but did not stop market panic, pushing sovereign risk to its highest in a year and raising doubts about the government’s reform plans and debt sustainability.
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61 Articles
61 Articles
Javier Milei has lost the confidence of investors and knows it. Day after day, they have withdrawn their money from Argentina, fearful that Milei, the strident libertarian president with a bold plan to fix the economy, abandon the defense of the peso and drop it, as many of his predecessors did.“The market,” Milei told a local journalist in a brief interview on Friday afternoon, he is “in panic mode.”What is happening with the Argentine peso?Thr…
·Mexico
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"Political panic takes hold of the market," says Javier Milei, as the peso collapses and the central bank intervenes to support the currency before the October legislative elections.
·France
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Coverage Details
Total News Sources61
Leaning Left5Leaning Right10Center10Last UpdatedBias Distribution40% Center, 40% Right
Bias Distribution
- 40% of the sources are Center, 40% of the sources lean Right
40% Right
L 20%
C 40%
R 40%
Factuality
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