Argentina's Peso Devaluation First Test Of Free Market Finance Minister Gay

The newly minted government of Argentine President Maurcio Marci is bringing in its much anticipated market friendly administration with a bang. After lifting the nation’s currency controls yesterday, freeing once tightly controlled limits on buying U.S. dollars and allowing its peso to trade on an open market, the result was a dramatic yet expected drop in the currency’s value. But perhaps most interesting is how Argentina’s free-market advocate Finance Minister Alfonso Prat-Gay made an accurate estimate as to its likely revised value and how this new face of finance in the region manages going forward. With pinpoint accuracy Argentine Finance…