The world thought it was through with Cristina Fernandez Kirchner. That she had given her level best to destroy the Argentine economy during her eight years as president of the country—and that she’d done a remarkably good job of it—but now, as a former president, and one facing a series of criminal investigations to boot, she could do no further harm. That her rival and successor, Mauricio Macri, had fixed most things and was well on his way to fixing the rest and proving to Argentines that they didn’t need a populist demagogue to protect them from a cruel world while simultaneously insulting the people whose money they were spending.
The world was wrong: The mere spectre of Cristina Kirchner taking a seat in the Argentine Senate—as she almost certainly will, thanks to Argentina’s electoral system—is enough to have people once again stuffing their mattresses with U.S. dollars, even if her chances of unseating Macri are close to nil.
The peso, which closed at 17.85 on Thursday, has weakened about 8% since June 24, when Mrs. Kirchner filed papers to run for Argentina’s Senate….
“Cristina just has to win by one vote for her election to be considered a victory,” said Pablo Knopoff, director of Isonomia, another pollster.