Argentina has burned through $15 billion in foreign reserves over the last month...
BUENOS AIRES - Argentina has burned through $15 billion in foreign reserves over the last month to stabilize the peso, which crashed along with the country’s bonds after a sharp electoral defeat for market-friendly president Mauricio Macri.
The shock result spooked investors, who worry especially about Fernandez’s running-mate, ex-President Cristina Fernandez de Kirchner, recalling the interventionist policies she imposed during her two terms between 2007 and 2015. “It’s already at a dangerous level,” said Roger Horn, senior emerging market analyst at SMBC Nikko Securities America.
Private sector dollar deposits have fallen around a quarter to $24.2 billion from $32.5 billion before the primary.
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