Argentinian currency on Monday slid after shocking results of local primary elections have been released compounded with fears as leading candidates might pose a populist government.
Against the dollar, the Argentinian peso decreased by 15.3%. The primary vote serves a survey for the upcoming elections in October.
Alberto Fernandez got a whopping 47% of the vote in the primary election against his foe, the incumbent President, Mauricio Macri with 33%.
With alarmingly high rates in unemployment and inflation, Argentina’s economy is on the verge of going down deeper should the poll-leading candidates win the elections and eventually build a populist government.
With fears of a new style of leadership in Argentina, the unstable and different approaches to business and private sectors will remain as the country’s major economic impediment to rise from a falling economy.
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