Argentine Stocks Soar As Black-Market Peso Hits Record Low (Implies 40% Devaluation)
Argentina is not Venezuela... yet. Following Maduro's comments yesterday capping Venezuelan profit margins and making black-market FX transactions practically punishable by death (our exaggeration), the Argentine Peso is collapsing...
- *ARGENTINE PESO FALLS 2.9% IN BLACK MARKET TO RECORD 11.55/USD (Spot is 6.77 - implying a 41% devaluation!
Of course, this is great news for stocks and the MERVAL is surging once again towards all-time record highs (+130% from the beginning of 2013). No news on toilet paper shortages (yet) in Argentina.
It seems Latin America has a lot to learn from Japan... and this wont help
and Argentina Bonds are tumbling once again...
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