Argentina turmoil sparks panic buying and price hikes


A political crisis in inflation-ravaged Argentina that was sparked by the economy minister’s resignation has spooked markets and generated fears resulting in panic buying and hasty price hikes, as the informal exchange rate soars.

“Every day it’s like going out to hunt a lion,” Luis Sacco told AFP in front of his electronics store in the capital Buenos Aires.

Since Monday, prices have risen dramatically at shops and businesses across the country.

Economy minister Martin Guzman resigned following months of pressure from inside President Alberto Fernandez’s center-left Frente de Todos (Everyone’s Front) governing coalition.—AFP


Previous articleAsian stocks extend global rally as recession fears ease for now
Next articleIran, Uganda confer on expansion of trade ties