Argentina

Dollar
With the USD worth almost 37 pesos, the Argentine economy is taking a blow just as the president took away the free lunches that had been given out over the years. During my time here last year, it was about 15 pesos to the dollar. While utility prices and transportation fees, among others, were being raised to put some money back in the coffers that the previous president left empty, world market forces pummeled their currency.

Doubts
Having secured a loan from the highly unpopular IMF for $57 billion, the bad news raised some real doubts whether the internationally liked president can get reelected with a 40% domestic approval rating. He did get some good news with a huge scandal breaking which ensnared his likely opponent next year. However, a new and more moderate Peronist opponent could prove more challenging.

Dumb Luck
The emerging market crisis that occurred this year after the US raised their own interest rates, and thereby made the US a safer investment than say, risky Turkey, or Argentina, forced Argentina to raise interest rates to 60% to try to keep the money from running out of the country. Pessimism is only increasing.