argentina: Argentina will slash spending and raise export taxes in a push to accelerate reductions to its budget deficit, according to The Guardian. Markets are all about the timing and Argentina got clocked Read more Although the measures speed up the pace of austerity, they ultimately fell short of expectations on the international markets, as the peso continued its fall with a slide of more than 4% against the dollar following the news. Speaking as the peso dropped to a fresh record low on Monday, President Mauricio Macri said the country was facing an economic emergency that would require austerity measures to resolve. The peso has fallen by half against the dollar this year. The export taxes will be taken as an emergency step to be lifted once the economy has stabilised. The new measures, announced by Macri's right-of-centre government, include raising export taxes on grains and cutting the number of government ministries in a bid to balance its budget next year.
(news.financializer.com). As
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