Mauricio Macri, (left) Argentina's president, speaks as Miguel Angel Pichetto, the leader of Peronism in Argentina's Senate, listens during a press conference at the Presidential Palace (Casa Rosada) in Buenos Aires on Monday. The cost of hedging Argentina's sovereign debt against losses soared to a multiyear high Monday after Macri was unexpectedly defeated by a landslide in a primary vote. | BLOOMBERG

World / Politics

Macri refuses to throw in towel after Argentine primary drubbing, currency's plunge

Bloomberg

BUENOS AIRES – Argentine President Mauricio Macri said he can still get re-elected in October even after ending a key primary vote more than 15 percentage points behind his main contender.

Sunday’s defeat to opposition candidate Alberto Fernandez is a result of the economic hardship South America’s second-largest country has endured recently, Macri told reporters at the Casa Rosada presidential palace in Buenos Aires. He added that he heard the voters’ message.

“We will reverse yesterday’s bad result and we will have a closer election” in the Oct. 27 first round, Macri said, flaked by vice presidential candidate Miguel Angel Pichetto.

Macri said his economic advisers are working on all necessary measures to contain a market plunge that caused the peso to lose 15 percent of its value on Monday. He didn’t provide any details on the measures, though. The sell-off is a sample of what Argentines can expect should Fernandez be confirmed as the country’s next president, Macri said, adding he won’t make changes to his Cabinet now.

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