Argentina Peso Falls Through The Floor As Central Bank Gives Up Support; Inflation, Recession Set To Engulf Economy

The value of Argentina's money fell hard Thursday in its steepest loss in more than 10 years after the central bank gave up trying to support the currency. Analysts now expect inflation to surge in the once-mighty economy as odds of a recession climb. The peso, which has been losing value since November, dropped more than 15 percent in two hours Thursday to 8.18 against the U.S. dollar before paring losses to close at 7.9 to the dollar. On the black market, the peso is trading at 12 to the U.S. ...