Argentine Peso Drops to Lowest Level in 6 Years

We reported that the Argentine peso was expected to fall to $3.80 against the dollar, and it continues to head that way – even with the government spending nearly $1 billion today to prevent it. The peso fell to 3.44 per dollar at one point today before finally closing at 3.39 to the dollar. This is its lowest point since December 2002. Fears about the government’s new plan to takeover the private pension system are one of the primary factors driving this decline. Lots of financial updates below:

 – Argentine peso drops to lowest in nearly 6 years [Associated Press]
Argentine Peso Rebounds After Central Bank Offers $1 Billion [Bloomberg]
Argentina’s Banco Macro Tumbles to Lowest in 4 Years [Bloomberg]

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