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Weekly Report - 25 June 2015 (WR-15-25)

‘Zannini effect’ causes blue dollar to spike

To no-one’s surprise, Florencio Randazzo, Argentina’s interior and transport minister, dropped his bid for the presidency on 19 June. Randazzo’s decision, taken after a long meeting with President Cristina Fernández, means that the ruling Frente para la Victoria (FpV) can rally around a single candidate ahead of the October election: Daniel Scioli, the current governor of Buenos Aires province. Randazzo’s withdrawal was all but confirmed when Carlos Zannini, one of Fernández’s closest allies, accepted Scioli’s invitation to be his running mate. With the ultra-kirchnerista Zannini on the ticket, the price of the blue dollar soared as analysts anticipated a continuation of the government’s currency control policies in the event of a Scioli victory.

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