Decline in 2014: -25%
The only underperforming currency anyone has had any time for is the Russian rouble, but look closer and you’ll see that in January, the Argentinian peso lost 20% of its value in less than a month. After a brief recovery in February, it has continued to fall steadily. One dollar is now worth around 8.5 pesos, down 25% since the start of the year.
Who are the losers?
Argentinians have seen inflation rise towards 30%. In July, Argentina defaulted on its debts.
Who are the winners?
In January, holidays in Argentina got very cheap, very quickly. Diners were able to eat in one of Argentina’s best restaurants for 33% less than at the end of 2013.
What have we learned?
Argentina’s economy is in almost as bad a state as it was in 2001 and 2002.