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Nobody wants pesos: Argentine currency meltdown upends business
By Jorgelina Do Rosario and Ignacio Olivera Doll
Bloomberg News
Friday, October 23, 2020
Argentina's battle to control its currency is upending South America's second-largest economy, wreaking havoc on everything from household finances to the production and sale of common goods.
Measures including taxes on greenback purchases and demands that some companies restructure their dollar-denominated debts have misfired, propelling the gap between the official and the black-market exchange rates to the widest since 1989 while failing to boost international reserves. Some analysts warn that a large devaluation may be on the horizon despite President Alberto Fernandez's public opposition to the idea.
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Controls on the peso and increased money printing are adding to the coronavirus pandemic and amplifying existing economic problems such as a three-year recession and one of Latin America's biggest inflation rates, all while stirring memories of past crises. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2020-10-23/nobody-wants-pesos-ar...
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