Argentina's Macrisis: $20 billion bailout sought from U.S.

[sandensea]

2. Seeing all is lost, Macri opted for a Nero-like ending: letting as much burn around him as possible

The tactic seemed to be one of revenge - against his own people (!): "You voted against me? Take that!"

Plus, he and his gang made a very tidy profit in the bargain. The only thing missing, was the fiddle.

Having said that, it's important to note that after Monday's panic (which, as noted in the article, the Central Bank deliberately waited until 1:30 to put out), Buenos Aires markets were a lot calmer on Tuesday.

The dollar rose just one peso (after vaulting 12 pesos on Monday), and the stock market rebounded by 9.3% - a sharp turnaround from yesterday's 38% crash.

While the situation's fluid and could still change, the "markets" (speculators) seem to be learning to live with the simple fact that voters really did reject Macri - contrary to all his blowing smoke about being "competitive."

And that it's probably for the best - for everyone. Debt snowballs, after all, are nothing but trouble.

Especially in Argentina!

It's very hard to say what's next for Macri; indeed, there's an air of great uncertainty at the moment (especially among right-wing voters and media). But don't be surprised if he resigns within the next few weeks.

If he does, his own allies in Argentine business and finance will probably have been the ones to have persuaded him to do so.

Politically, he's become a corpse - and no one likes having that lying around.