ARGENTINA
The Meltdown Continues
Argentina’s economy minister Nicolas Dujovne resigned Saturday in an apparent effort to help President Mauricio Macri sidestep some of the blame for the country’s current financial crisis following the stunning defeat he suffered in last week’s primary election.
Dujovne said in a statement that Macri’s economic team needed “significant renewal,” the BBC reported, noting that the peso plunged 20 percent against the dollar following Macri’s defeat. “I believe my resignation is in keeping with my place in a government that listens to the people and acts accordingly,” Dujovne said.
For his part, Macri has already unveiled income tax cuts, boosted welfare subsidies and frozen fuel prices for 90 days to woo back voters disillusioned with his austerity program.
Meanwhile, opposition candidate Alberto Fernandez – Macri’s nominal opponent alongside former President Cristina Fernández de Kirchner, who is running as vice-president – said Sunday he would seek to renegotiate the terms of the $57 billion stand-by agreement that Macri inked with the International Monetary Fund in 2018.
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