Argentina’s Peso Falls Again as Macri Tries to Shore Up Support

Argentina’s peso resumed its slide on Wednesday as President Mauricio Macri announced a raft of emergency measures aimed at providing relief to a population suffering from the impact of a sharp devaluation following his stunning defeat in primary elections, the Financial Times reported. The measures, which will cost $740m, included increases in the minimum wage, loans for small and medium-sized businesses, student grants, subsidies for poor families with children and a floor for income tax, as well as a freeze on petrol prices for 90 days. Mr Macri has launched the new measures as he redoubles efforts to win presidential elections in October after losing by 15 percentage points in a primary vote on Sunday to his Peronist rival, Alberto Fernández. The outcome took markets by surprise and led to a collapse in Argentina’s asset prices. Read more

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