The financial markets reacted in a panic to the possibility that Peronism will return to power in Argentina.
A day after the overwhelming victory of Alberto Fernández in the primary elections the peso and the Buenos Aires Stock Exchange collapsed.
An hour after the opening of the exchange market to buy a dollar it took more than 60 pesos, compared to less than 45 on Friday, about 30% more.
The Argentine Central Bank raised the interest rate to 74% and sold one hundred million dollars in reserves in order to curb the devaluation.
Former Argentine President Raul Alfonsin, who led Argentina from military to civilian rule, has died, his doctor said Tuesday. He was 82.
Say New York Time:
Raúl Alfonsín, whose presidency in the 1980s symbolized the return of democracy in Argentina and other Latin American nations after an era of military dictatorships, died Tuesday at his home in Buenos Aires. He was 82.
The cause was lung cancer, said Dr. Alberto Sadler, who had been treating Mr.