• Primary: Macri's hard defeat against Cristina Kirchner's candidate in the elections in Argentina
  • Opinion: Fight or agree, the dilemma of Macri and Argentina
  • Elections: Alberto Fernández, the "common type" who made peace with Cristina to beat Macri

"The system does not work." The phrase repeated today until satiety synthesizes on Monday that the Argentines are living after the political impact of the severe defeat of Mauricio Macri in the primary elections. The online banking system of most of the entities does not work, in many of them neither the attention in boxes. The country is in a tension bracket while watching the peso devalue 30 percent (from 46.50 to 60 per dollar), the shares of major companies fall 55 percent and bonds lose 20.

The victory of the Peronist Alberto Fernández, with 47 percent against Macri's 32, must be revalidated in the October elections to formally become president from December 10, but the remaining 11 weeks until that election are profiled as a martyrdom for the Government. Fight to reverse the difference, something highly unlikely, or agree with Fernández on some lines of action so that the transition does not lead to chaos. That is the dilemma of Macri, who convened for this afternoon an emergency meeting of his cabinet of ministers.

The value of the dollar, the measure of all things in the Argentine price system, has risen rapidly in the first minutes of a financial market that is quite fictitious today, because almost nobody buys or sells. That did not prevent the US currency from climbing in some exchange houses to 62 pesos, and then back. The expectation is set in what the Central Bank can do, commanded by Guido Sandleris, and when and how it will decide to intervene in the market.

The value of Argentine companies has sunk in a matter of hours. "Their prices plummeted up to 60%, with the papers of the banks in the lead. There is not much history of such a collapse in a single day," said Clarín.

While the Government remains silent - an announcement is expected towards the end of the day - Fernández does not speak, although Roberto Lavagna, former Argentine Economy Minister and third in the Sunday elections, did: "Argentina needs quick gestures."

Lavagna was minister of Eduardo Duhalde after the megacrisis of 2001, and during part of the Government of Néstor Kirchner. His word is therefore valuable in a country that keeps in mind the memory of that crisis and the confiscation of the savings deposited in the banks, the same that today almost did not allow operations to be carried out to its retail clients.

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  • Argentina
  • Mauricio Macri
  • Argentina Elections
  • Cristina Fernández de Kirchner

Primary: Macri's very hard defeat against Cristina Kirchner's candidate in the primary elections in Argentina

COMICIOS Argentina, polarized between Mauricio Macri and Cristina Kirchner

Latin America General test for the presidential elections of Argentina