Some of the country's most traded stocks have also lost nearly half of their stock value in one day.
Argentine stock markets and its currency have both plunged after conservative Argentine President Mauricio Macri suffered a shock defeat in primary elections on Sunday.Some of the country's most traded stocks have also lost around half of their value in one day.At a news conference on Monday, the president also said that the drop suggested the market lacked confidence in an opposition government."We have much to do still. Every election is a message and we understood it.
The embattled president was defeated by his centre-left rival, Alberto Fernández, who is now seen as the frontrunner for October's presidential race.His running mate is former President Cristina Fernández de Kirchner, who presided over an administration remembered for a high degree of protectionism and heavy state intervention in the economy.Argentina is a country that has suffered with all sorts of economic problems that are taught in textbooks.
Sunday's primaries were seen as vindication for"Kirchnerismo" which have for years denounced Mr Macri's plan as ineffective. The country is in recession and still suffering with inflation and poverty. This could include easing budget curbs imposed as part of Argentina's agreement with the International Monetary Fund.
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