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Argentina's 48% Stock Rout

Second-Biggest in Past 70 Years. 

Similar one-day sell-off in 2002 

Only Sri Lanka has suffered a worse single-day drop since 1950.

Bloomberg 12 August 2019 

Argentina’s Massive Sell-Off Had a 0.006% Chance of Happening

The rout in Argentina’s dollar bond due January 2028, which drove up the yield by 525 basis points, was a 4-sigma event, according to Bollinger Bands. That means the move was four standard deviations away from its 20-day moving average, an event that’s expected to happen only once in several decades.

“Black Swan” events — those well outside an ordinary distribution of outcomes 

Questions may also be asked about the IMF’s record-breaking rescue package for Argentina, with which its outgoing director Christine Lagarde was closely associated.

The fund has an unhappy history with Argentina, having agreed more than 20 programmes, most of which ended in failure. 

The latest chapter started with a $50bn bailout in June 2018, increased by $7bn three months later 

F T 12 August 2019

I likhet med Carl Bildt trodde Argentina att det skulle vara bra med fast växelkurs.

Since 1991, the peso has been fixed to the dollar at a one-to-one rate under a currency board system och satte kursen till
1 Peso = 1 Dollar

Det gick inte bra i Argentina heller.

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