ARGENTINA CRASHES

BI ^ | 10-2-2014 | Linette Lopez

[blam]

October 2, 2014
Linette Lopez

Argentina's Merval stock index is down about 7% Thursday after taking an 8% beating Wednesday as well.

The selling off is all likely due to Wednesday's news that the country's Central Bank head, Juan Carlos Fabrega, resigned from his post. The rumors that he was out started swirling around in the Argentine media Wednesday morning.

Fabrega was in favor of negotiating with the group of hedge fund creditors whose lawsuit for over $1.3 billion in sovereign debt tipped the country into default at the end of July. Reports also indicated that he did not get along with Axel Kicillof, the Argentina economy minister who has a close relationship with President Cristina Fernandez de Kirchner.

Fabrega was replaced by securities regulator Alejandro Vanoli.

Check out the carnage below:

Fabrega had helmed the Central Bank for only about a year. In that year, however, he oversaw a big devaluation of the peso (in January) and watched dollar reserves dwindle to dangerous lows of about $24 billion.

(snip)

[Buckeye McFrog]

Looks like an actress from a cheesy soap opera on telemundo

That I believe she actually was at one time. Though that's not unusual in an Argentine leader.

http://en.wikipedia.org/wiki/Eva_Per%C3%B3n

[Individual Rights in NJ]

Eva and Juan Peron. HA! Human faces of a scam if I’ve ever seen ‘em.

[McGruff]

The President Of Argentina Thinks The US Wants Her Dead

I saw that headline the other day and didn’t know what to think. It’s not like we go all over the world overthrowing governments or something. /sarc

[rottndog]

“The problem with socialism is that sooner or later you run out of other peoples’ money.”