Argentina's problems go from bad to worse

"Things are rapidly coming unglued" in Argentina (ARGT), and worries are growing about the potential for the country’s woes to spill outside its borders.

Worries about Argentina’s thinning foreign exchange reserves helped spark a 15%-plus drop in the Argentine peso today, as traders say the central bank stopped defending the currency - a sign it may be hitting the bottom of its foreign currency reserves.

Argentina's trade surplus fell 67% Y/Y to $272 million in December amid a plunge in exports.

The turbulence has spilled over into stocks, as U.S.-listed shares of energy giant YPF tumbled 12% today, adding to an 8.9% decline yesterday.

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Comments (9)
  • Tack
    , contributor
    Comments (16551) | Send Message
    What a surprise under the modern re-incarnation of Eva Peron.
    23 Jan 2014, 06:17 PM Reply Like
  • TruffelPig
    , contributor
    Comments (4208) | Send Message
    YPF was recently upgraded by MS. Is this eventually going to be a buy?
    23 Jan 2014, 06:33 PM Reply Like
  • ksteiner
    , contributor
    Comments (32) | Send Message
    Socialism really works huh?
    Oh and I won't be crying for you Argentina, yuk, yuk.
    23 Jan 2014, 07:10 PM Reply Like
  • Mobywhite
    , contributor
    Comments (409) | Send Message
    Shocking! the country that has defaulted the most times in the world is going to.....default again.
    23 Jan 2014, 07:52 PM Reply Like
  • DeepValueLover
    , contributor
    Comments (11387) | Send Message
    According to Paul Krugman now is the time for the Argentine government to spend, spend, borrow and spend.


    The only solution for Argentina's debt problem is a whole lot more debt.


    Isn't it obvious?


    I wonder how many Argentinians are laughing at the thought of each citizen owning a dozen gold coins or so.


    Oh is a useless relic and owning it wouldn't help Argentinians one bit.
    23 Jan 2014, 10:06 PM Reply Like
  • orfernan
    , contributor
    Comment (1) | Send Message
    • En 2013, superávit comercial cayó 27% a u$s 9.024 M no 67%
    24 Jan 2014, 01:48 AM Reply Like
  • Lakeaffect
    , contributor
    Comments (1481) | Send Message
    Comercial si, pero que paso en el Mercado negro con el peso paisano?
    24 Jan 2014, 08:23 AM Reply Like
  • vicsel
    , contributor
    Comments (3) | Send Message
    ypf is independant of nation's problems
    24 Jan 2014, 12:30 PM Reply Like
  • Urbannek
    , contributor
    Comments (1523) | Send Message
    Not when they try to nationalize it. Would be a good energy company without that.
    24 Jan 2014, 02:38 PM Reply Like
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