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Mauricio Macri vows to win second term election

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Mauricio Macri

Mauricio Macri reelected as Argentine President after winning the second term despite performing badly in the primary term of election which caused off a shockwave through markets.

The peso currency was crashed and stock and bonds tumbled, on this, Macri said he would reverse the market’s result.

His victory was surprising as the opposition performance was quite strong. The peso closed 15% weaker at 54.5 per U.S. dollar after plunging some 30% to a record low earlier.

The Argentine market had not recorded this kind of fall since the South American country’s 2001 economic crisis. Argentine stocks were listed as one of the top losers on the Nasdaq index.

Fernandez, a former cabinet chief, managed the primary vote by a much 15.5 percentage point margin over the president and has said he would try to “rework” Argentina’s $57-billion standby agreement with the International Monetary Fund if he won October’s general election.

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