# Argentina is in 'virtual default,' declares President Fernández | Buenos Aires Times

> President Alberto Fernandez said Argentina is in 'virtual default' and compared the situation to the 2001 crisis. The economy is in recession and is expected to shrink 3.1% in 2019 after 18 months of crisis.

- Date: 2019-12-23 · published 2019-12-23T12:00:00.000Z
- Category: macro · region Argentina · magnitude low
- Page: https://feedsoft.ai/events/55850-argentina-is-in-virtual-default-declares-president-fernandez-buenos-aires-times
- Commodities: [Argentine Peso (ARS per USD)](https://feedsoft.ai/c/USDARS.md)

## Why it matters

A deepening recession and debt stress weaken the peso and can reduce domestic feed demand in Argentina. The effect on global grain and meal prices is limited, since the impact flows mainly through currency and farm selling behavior.

## Read by commodity

- USDARS: bullish ▲

## Sources

- batimes.com.ar: https://www.batimes.com.ar/news/argentina/argentina-is-in-virtual-default-declares-president-fernandez.phtml

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.