Argentine bond prices fell on Thursday (August 29) and country risk soared to levels not seen since 2005 after the government announced plans to extend maturities on about $100 billion in debt, raising fear of a full-blown financial crisis.

Argentine bond prices fall, country risk soars on debt 'reprofiling' plan

Argentines reeling from an ongoing economic crisis and a shock election result that wiped out around 25% of the peso's value took to the streets of Buenos Aires on Thursday (August 15) for a demonstration that included a mobile soup kitchen for participants.

"It's getting worse all the time"- Argentines protest even as political talks offer glimmer of hope

Argentine President Mauricio Macri vowed on Monday (August 12) to win a second term despite a surprisingly strong performance by the opposition in the primary election that set off a shockwave through markets, crashing the peso currency and sending stocks and bonds tumbling.

Macri's vows to win second term after Argentine peso crashes on primary results

Argentina's peso and the Buenos Aires stock exchange plunged on Monday after populist center-left candidate Alberto Fernandez crushed pro-business President Mauricio Macri in a party primary election over the weekend.

Nervousness reigned as the peso opened at 53 to the dollar, a drop of 14 per cent from its closing figure of 46.55 on Friday, before plummeting further to 60.

And the Merval index plunged 10 per cent, too, as markets reacted with jitters to Macri's rout.

Macri called a meeting with Central Bank president Guido Sandleris before the markets opened on Monday, while putting back his morning cabinet meeting to 3:30 pm (1830 GMT.)

On Sunday, center-right Macri was dealt a huge blow in his bid for re-election in October when he polled 15 points less than center-left Peronist candidate Fernandez.

"The president cannot have peace of mind. The markets are giving warning that the government has put itself in a position it cannot respond to," Fernandez told Radio 10 on Monday.

Argentina is currently in a recession and posted 22 per cent inflation for the first half of the year -- one of the highest rates in the world.

Poverty now affects 32 per cent of the population.

Backed by the International Monetary Fund, Macri has initiated an austerity plan that is deeply unpopular among ordinary Argentines, who have seen their spending power diminished dramatically.

The peso lost half of its value against the dollar last year.

But the Buenos Aires stock exchange shot up eight per cent on Friday amid expectation that Macri would do well in Sunday's vote.

Those hopes were quickly quashed and Macri faces a daunting task of trying to overturn a huge deficit in just two and a half months.

"The vote shows a profound dissatisfaction with the economic situation (and) the worry within society that the government is disconnected from reality and wasn't up to tackling the problems," political analyst Carlos Fara told AFP.

Macri managed only 32 per cent in the party primaries that effectively acted as a nationwide pre-election opinion poll as all of the South American country's major parties had already chosen their presidential candidates.

"We've had a bad election and that forces us to redouble our efforts from tomorrow," said Macri, whose popularity has plunged since last year's currency crisis and the much-criticized $56 billion IMF bail-out loan he secured.

"It hurts that we haven't had the support we'd hoped for," admitted Macri.

Fernandez scored 47 per cent and if he repeats that result in the October 27 general election first round, he would win outright without need for a November 24 run-off.

Argentina's electoral law requires a candidate to gain 45 per cent for outright victory, or 40 per cent and a lead of at least 10 points over the nearest challenger.

"We're going to begin a new stage. We always fix the problems that others create," said Fernandez to thousands of cheering supporters in Buenos Aires on Sunday night.

Analyst Rosendo Fraga said Macri and Fernandez need to come to a bipartisan "governability agreement" otherwise "it's going to be very difficult to build confidence" in the markets between now and October's vote.

Argentina's peso and the Buenos Aires stock exchange plunged on Monday after populist center-left candidate Alberto Fernandez crushed pro-business President Mauricio Macri in a party primary election over the weekend.

Argentina's peso and the Buenos Aires stock exchange plunged on Monday after populist center-left candidate Alberto Fernandez crushed pro-business President Mauricio Macri in a party primary election over the weekend. Nervousness reigned as the peso opened at 53 to the dollar, a drop of 14 per cent from its closing figure of 46.55 on Friday, before plummeting further to 60. And the Merval index plunged 10 per cent, too, as markets reacted with jitters to Macri's rout. Macri called a meeting with Central Bank president Guido Sandleris before the markets opened on Monday, while putting back his morning cabinet meeting to 3:30 pm (1830 GMT.) On Sunday, center-right Macri was dealt a huge blow in his bid for re-election in October when he polled 15 points less than center-left Peronist candidate Fernandez. "The president cannot have peace of mind. The markets are giving warning that the government has put itself in a position it cannot respond to," Fernandez told Radio 10 on Monday. Argentina is currently in a recession and posted 22 per cent inflation for the first half of the year -- one of the highest rates in the world. Poverty now affects 32 per cent of the population. Backed by the International Monetary Fund, Macri has initiated an austerity plan that is deeply unpopular among ordinary Argentines, who have seen their spending power diminished dramatically. The peso lost half of its value against the dollar last year. But the Buenos Aires stock exchange shot up eight per cent on Friday amid expectation that Macri would do well in Sunday's vote. Those hopes were quickly quashed and Macri faces a daunting task of trying to overturn a huge deficit in just two and a half months. "The vote shows a profound dissatisfaction with the economic situation (and) the worry within society that the government is disconnected from reality and wasn't up to tackling the problems," political analyst Carlos Fara told AFP. Macri managed only 32 per cent in the party primaries that effectively acted as a nationwide pre-election opinion poll as all of the South American country's major parties had already chosen their presidential candidates. "We've had a bad election and that forces us to redouble our efforts from tomorrow," said Macri, whose popularity has plunged since last year's currency crisis and the much-criticized $56 billion IMF bail-out loan he secured. "It hurts that we haven't had the support we'd hoped for," admitted Macri. Fernandez scored 47 per cent and if he repeats that result in the October 27 general election first round, he would win outright without need for a November 24 run-off. Argentina's electoral law requires a candidate to gain 45 per cent for outright victory, or 40 per cent and a lead of at least 10 points over the nearest challenger. "We're going to begin a new stage. We always fix the problems that others create," said Fernandez to thousands of cheering supporters in Buenos Aires on Sunday night. Analyst Rosendo Fraga said Macri and Fernandez need to come to a bipartisan "governability agreement" otherwise "it's going to be very difficult to build confidence" in the markets between now and October's vote.

Argentina's stock exchange crashes after President Macri's party loses in primary election

Argentina's President Mauricio Macri will be visiting India from February 17. The visit comes months after Prime Minister Narendra Modi visited Argentina for the G20 Summit and met the Argentine&nbsp;president.&nbsp;

During the visit, PM Modi addressed a Yoga event stating, "There is a distance of 15 thousand kilometres between India and Argentina. We have two vast oceans and continents between the two countries. The time difference between the two countries is 8 hours and 30 minutes. But your Yoga practice has shown that both India and Argentina have respect for each other’s culture and the distance of thousands of kilometres between both countries is nothing but just a figure."

PM Modi first met Macri on the sidelines of G20 Summit in Hangzhou, China in 2016. There are around 2,400 Indians living in Argentina, most of them are Non-Resident Indians living in the capital city, Buenos Aires.

The majority of Indians belong to the Sindhi community while others are professionals working with Indian companies and multinational corporations such as TCS, Cognizant Technologies.&nbsp;

It is interesting to note that about 300 Sikhs from Punjab had settled down in 7 Salta province of Argentina in the course of the early and mid-twentieth century. Over time, they have assimilated in the local population and become Argentine citizens.

Most of them are in retail and wholesale trade. A Gurudwara has been established in the Argentine town of Rosario de la Frontera, where Guru Nanak Day is celebrated every year. 
&nbsp;

Argentina's President Mauricio Macri will be visiting India from February 17. The visit comes months after Prime Minister Narendra Modi visited Argentina for the G20 Summit and met the Argentine president.

Argentina's President Mauricio Macri will be visiting India from February 17. The visit comes months after Prime Minister Narendra Modi visited Argentina for the G20 Summit and met the Argentine president. During the visit, PM Modi addressed a Yoga event stating, "There is a distance of 15 thousand kilometres between India and Argentina. We have two vast oceans and continents between the two countries. The time difference between the two countries is 8 hours and 30 minutes. But your Yoga practice has shown that both India and Argentina have respect for each other’s culture and the distance of thousands of kilometres between both countries is nothing but just a figure." PM Modi first met Macri on the sidelines of G20 Summit in Hangzhou, China in 2016. There are around 2,400 Indians living in Argentina, most of them are Non-Resident Indians living in the capital city, Buenos Aires. The majority of Indians belong to the Sindhi community while others are professionals working with Indian companies and multinational corporations such as TCS, Cognizant Technologies. It is interesting to note that about 300 Sikhs from Punjab had settled down in 7 Salta province of Argentina in the course of the early and mid-twentieth century. Over time, they have assimilated in the local population and become Argentine citizens. Most of them are in retail and wholesale trade. A Gurudwara has been established in the Argentine town of Rosario de la Frontera, where Guru Nanak Day is celebrated every year.

Argentine President Mauricio Macri to visit India in February

President Trump met <a href="http://www.wionews.com/world/g20-opens-under-assault-from-trump-on-collective-action-180345">Argentine President Mauricio Macri </a>ahead of the G20 opening at Buenos Aires in Argentina on Friday.

The US president in a nostalgic mood, said: "People wouldn't know that he was a young man, very handsome man and we knew each other very well, and I actually did business with his family, with his father, great father, friend of mine, and I purchased the West Side Railroad Yards and it was a great job, a successful job."

"We're going to be talking about lots of good things for Argentina, for the United States, including trade, including military purchases and other things but we have a lot to talk about," the US president said as he promised to help the Argentinian economy which has been hit by an economic crisis.

"You're my friend long time, great family and you're doing a fantastic job," Trump said.

Just before leaving for the summit on Thursday, Trump in a tweet had said he won't be meeting President Putin due to the ongoing military standoff between Russia and Ukraine.

Russia's foreign ministry said the meeting was cancelled due to due to domestic issues rather than the Ukraine situation

During the G20, Trump will be meeting several world leaders including PM Modi today. All eyes are on Trump's meeting with President Xi on Saturday as the two leaders are widely expected to address the escalating trade war between the two countries with experts speculating a likely breakthrough.

Although President Trump had indicated that he was looking forward to meeting Xi but did not assure a breakthrough. On Thursday, the president tweeted saying the US was making billions of dollars due to tariffs imposed on China.

President Trump met Argentine President Mauricio Macri ahead of the G20 opening at Buenos Aires in Argentina on Friday. The US president in a nostalgic mood, said: "People wouldn't know that he was a young man, very handsome man and we knew each other very well, and I actually did business with his family, with his father, great father, friend of mine, and I purchased the West Side Railroad Yards and it was a great job, a successful job.

President Trump met Argentine President Mauricio Macri ahead of the G20 opening at Buenos Aires in Argentina on Friday. The US president in a nostalgic mood, said: "People wouldn't know that he was a young man, very handsome man and we knew each other very well, and I actually did business with his family, with his father, great father, friend of mine, and I purchased the West Side Railroad Yards and it was a great job, a successful job." "We're going to be talking about lots of good things for Argentina, for the United States, including trade, including military purchases and other things but we have a lot to talk about," the US president said as he promised to help the Argentinian economy which has been hit by an economic crisis. "You're my friend long time, great family and you're doing a fantastic job," Trump said. Just before leaving for the summit on Thursday, Trump in a tweet had said he won't be meeting President Putin due to the ongoing military standoff between Russia and Ukraine. Russia's foreign ministry said the meeting was cancelled due to due to domestic issues rather than the Ukraine situation During the G20, Trump will be meeting several world leaders including PM Modi today. All eyes are on Trump's meeting with President Xi on Saturday as the two leaders are widely expected to address the escalating trade war between the two countries with experts speculating a likely breakthrough. Although President Trump had indicated that he was looking forward to meeting Xi but did not assure a breakthrough. On Thursday, the president tweeted saying the US was making billions of dollars due to tariffs imposed on China.

G20: Trump meets Argentine President Mauricio Macri; discuss trade, military ties

Argentina&#39;s ministry of finance has said that International Monetary Fund (IMF) economists will be arriving in the country on Monday to &quot;gather information and exchange opinions with government officials, members of the private sector and members of Congress and civil organisations.&quot; 
 
IMF will resume its Article IV missions in Argentina after a 10-year hiatus. During this mission, IMF is likely to assess the strengths and weaknesses of the country, AFP reported today.&nbsp; 
 
The checkups were stopped during former president Nestor Kirchner&#39;s tenure.&nbsp; 
 
&quot;Article IV represents a new step for Argentina in its international reintegration,&quot; said the ministry. 
 
Relations were strained after the country&#39;s default on $100 billion in debt in 2001, but ties were further affected when IMF censured Buenos Aires in 2013 for not meeting an IMF requirement that members must provide reliable, basic economic statistics. 
 
The move marks a repairing of relations, brought by economic policy changes of President Mauricio Macri, who moved to repay defaulted debt and implement market-friendly reforms. 
 
(WION with inputs from AFP) 
 
 
&nbsp;

According to Argentina's ministry of finance, Article IV represents a new step for the country in its international reintegration

Argentina's ministry of finance has said that International Monetary Fund (IMF) economists will be arriving in the country on Monday to "gather information and exchange opinions with government officials, members of the private sector and members of Congress and civil organisations." IMF will resume its Article IV missions in Argentina after a 10-year hiatus. During this mission, IMF is likely to assess the strengths and weaknesses of the country, AFP reported today. The checkups were stopped during former president Nestor Kirchner's tenure. "Article IV represents a new step for Argentina in its international reintegration," said the ministry. Relations were strained after the country's default on $100 billion in debt in 2001, but ties were further affected when IMF censured Buenos Aires in 2013 for not meeting an IMF requirement that members must provide reliable, basic economic statistics. The move marks a repairing of relations, brought by economic policy changes of President Mauricio Macri, who moved to repay defaulted debt and implement market-friendly reforms. (WION with inputs from AFP)

IMF to resume Article IV missions in Argentina after 10-year hiatus