Argentina’s markets were in upheaval today, amidst a run on the peso and a surge in the black market or “blue” dollar to a record 1,010 pesos. In what should be seen as financial warfare, less than two weeks before the Oct. 22 presidential elections, speculators are going wild to create panic among a population reeling from high inflation, growing rates of poverty and anxiety about the future. September’s inflation was 11.5% and October’s is expected to be even higher.
Finance Secretary Eduardo Setti blamed a “group of speculators” for trying to create “fear and uncertainty in an extremely complex electoral situation.” Finance Minister Sergio Massa, presidential candidate for the ruling Unity for the Fatherland coalition, made some tough remarks today, warning that he’s prepared to jail those who speculate with the savings of the Argentine people.
