Argentina elections

The Argentine peso lost 30 percent of its value on Thursday after the new pro-business government scrapped the foreign exchange restrictions introduced by its leftist predecessors.

Argentina said Wednesday it will eliminate the foreign exchange restrictions that have propped up the official value of the peso since 2011, setting up a potentially painful devaluation.

His rivals dismissed him as a spoiled elitist, but ex-football executive Mauricio Macri gathered allies from diverse political forces to persuade Argentines to vote him in as their new president Sunday.

Exit polls for the presidential elections in Argentina on Sunday showed a likely win for pro-market leader Mauricio Macri, heralding an end to 12 years of leftist government.

Argentines voted Sunday in an unprecedented presidential runoff that could end 12 years of leftist government and see the pro-business opposition seize command of Latin America's third-biggest economy.