Argentina is facing an economic meltdown this week following\na shock election result over the weekend. The political uncertainty and\nprospect of a protectionist government has sent the stock market and local\ncurrency tanking. Bitcoin could be the answer, as it has been for others in similar\nsituations.<\/p>\n\n\n\n
According to reports the Argentine stock market plummeted over 30% Tuesday. Bloomberg has called it a 70 year low for the S&P Merval Index as the investor exodus intensifies. The peso has also tanked below 60 to the dollar, shedding 25% over the past day or so according to CNBC<\/a>.<\/p>\n\n\n\n The fears have stemmed from an unexpected primary election\nresult over the weekend. The opposition center-left Alberto Fernandez, whose\nrunning mate is populist ex-leader Cristina Fernandez de Kirchner, secured almost\n48% of the vote while incumbent President Mauricio Macri suffered defeat with\nonly 32%. <\/p>\n\n\n\n The clear message is that Argentinians do not want any more\nausterity. However, Macri\u2019s pro-business policies are viewed favorably\noverseas. The election of a protectionist government has investors rattled as\nit is likely to lead to increased national debt, devaluation of the currency\nand the imposition of capital controls. Crypto trader and economist Alex Kr\u00fcger\nhas foretold of the impending economic doom the country may face.<\/p>\n\n\n\n