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President Macri claims Argentina's currency crisis is over

This Wednesday president Mauricio Macri claimed that Argentina's currency crisis is over. He was speaking as the country's currency rebounded somewhat and prices for its stocks and bonds rose.

Last week, Macri had announced that Argentina was seeking a financing deal with the International Monetary Fund, following a sharp drop in the peso. The decision brought back haunting memories for Argentines who blame the IMF for introducing policies that led to the country's 2001 economic implosion.

This time, Argentina was forced to impose interest rate hikes and to tighten the fiscal deficit target to try to halt the devaluation of its currency, which has lost about 25 percent of its value in recent weeks. The peso hit a new all-time low of 25.30 to the U.S. dollar Monday. But it rose at 24.8 per dollar Wednesday and Argentine stocks and bonds rose as well.

Macri said his government thinks it has "overcome" the turbulence over the currency. He also said he will demand "an intelligent" deal with the IMF.

The NZ Herald quoted him as saying: "It's important to recognize the moment of nervousness and anguish lived by a sector of the population. There was fear and anguish. Today, we have a different climate, but we must take a balanced view of what happened."

The economic turbulence highlighted the frailty of Argentina's economy, despite austerity measures imposed by Macri, a conservative who has vowed to boost growth and curb Argentina's high inflation.

Publication date: 5/17/2018


 


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