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A hedge fund reportedly hemorrhaged $1 billion in August because it bet on Argentina before the country’s markets crashed
Robert Gibbins, the fund's founder, stands by his investments and thinks Argentina will recover, The Wall Street Journal reported.
Argentina's economy contracted sharply in the second quarter after a severe drought roiled agricultural production and as the country works with the International Monetary Fund to stem a spiraling economic crisis.
The Argintine peso is climbing against the dollar after a switchup in leadership at its central bank, which hasn't been able to prop up the country's flailing currency despite landing the biggest International Monetary Fund bailout in history.