Who is responsible for Argentina's economic crisis?

South American correspondent Martino Rigacci, from Buenos Aires, explains what happened to the markets after President Màcri lost the primary vote last Sunday.

Argentina's President Mauricio Macri speaks from the government house in Buenos Aires, Argentina. Source: AAP Image-AP Photo-Natacha Pisarenko

Last week, the Argentine economy suffered a devastating meltdown with the stock exchange losing almost 30% and the Peso being devalued by 20%.

Everything happened after incumbent president Mauricio Màcri, of the center party Propuesta Republicana, suffered a significant loss in the primary vote won by Aberto Fernandez of the pro-Peronist party Frente De Todos. Fernandez obtained the 47.7% of the votes against 32.1% for Màcri.

Due to the near-collapse of the national economy, the minister Nicolas Dujovne has resigned.

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