Argentine short-term interest rates soared Wednesday as the government stepped up efforts to defend the peso, deepening a cash crunch that’s throttling an already fragile economy.
The yield on local government Lecap notes due November 28 jumped to 87 percent from 74 percent on Tuesday and from 51 percent at the end of last week. That surge came as the Treasury sold dollars for a seventh straight session, burning through at least US$320 million, according to two people with direct knowledge of the matter.
As the crisis has mounted in recent weeks, President
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