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International Business Times

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Argentine Peso, Stocks Fall After Ruling Party's Election Setback

Javier Milei Karina Milei

Argentina has a long history of economic crises, hyperinflation and defaults (Credit: AFP)

The Argentine peso and share prices dropped sharply Monday after President Javier Milei's libertarian party suffered a drubbing in a key provincial election.

The dollar rose 5.3 percent compared to Friday as trading opened in the currency market and shares of Argentine companies that trade on Wall Street lost nearly 20 percent.

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