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Posted by ipso facto @ 9:46 on October 2, 2014  

“Not A Good Sign” Argentine Stocks, Bonds Crash As Central Bank Chief Resigns

Tyler Durden’s pictureSubmitted by Tyler Durden on 10/01/2014 19:15 -0400

Just a day after Argentine President Cristina Kirchner, in a televised speech, accused central bank employees of helping local bankers to speculate against the Argentine peso in hopes of forcing the government to devalue the currency, Juan Carlos Fabrega – the head of Argentina’s Central Bank – has quit. As WSJ reports, unable to borrow abroad due to a legal dispute with creditors, Mrs. Kirchner has relied on money printing to cover spending deficits at the expense of inflation that is thought to be around 40%; and it appears the sanity of Mr. Fabrega was too much to bear for Kirchner (and Kiciloff – who had reportedly clashed with the Central Banker also). The reaction – not good – the stock index collapsed over 8%, bond yields spiked and the black-market peso dumped to record lows at 15.65 to the USD (drastically worse than the 8.51 official peso rate).

more http://www.zerohedge.com/news/2014-10-01/not-good-sign-argentine-stocks-bonds-crash-central-bank-chief-resigns

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Post by the Golden Rule. Oasis not responsible for content/accuracy of posts. DYODD.