Confidence in the Argentine economy is evaporating as the government struggles with political infighting, an ever-increasing pile of domestic debt and inflation hurtling towards 90 per cent.
The US dollar has shot to new highs on the black market as Argentines limited to buying $200 per month rush to money-changers to dump their fast-devaluing pesos. On Friday, dollars were selling on the streets of Buenos Aires for 337 pesos, up 15 per cent in just one week.
The rapid deterioration in sentiment and the government’s increasing difficulty in funding itself are raising fears of a full-blown economic crisis similar to those which have wracked the South American grain exporter periodically over the past half century.
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