Bloomberg Businessweek

The Incredible Sinking Argentina

Markets reeled as the country whipped back toward protectionism

Over the last 70 years, Argentina has endured hyperinflation, government collapse, and the world’s largest sovereign debt default. It’s spent a third of that time in recession, a record that almost deserves its own chapter in economic textbooks.

And yet even the embattled Buenos Aires stock exchange had never experienced anything like the 48% plunge it took on Aug. 12, a day after left-wing candidate Alberto Fernández bested the fiscally conservative incumbent Mauricio Macri in the presidential primary by more than 15 points, winning more than 47% of the vote. The primary is meant to winnow the slate of candidates, but in reality it serves as a nationwide poll to

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