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Montevideo, July 15th 2018 - 22:51 UTC

Macri administration relies on dual currency bonds to keep exchange rate stable

Thursday, July 12th 2018 - 02:57 UTC
Full article 2 comments

Following months of steady devaluation of the Argentine peso against the US dollar, the government of President Mauricio Macri made yet another move Wednesday to stabilise the exchange rate, which nevertheless reversed its downward trend of the past week, rising 14 cents from Tuesday to close at $ 28.19 / US$ 1. Read full article

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  • chronic

    Teresa H: 30%.

    Posted 1 day ago - Link - Report abuse 0
  • Enrique Massot

    The Argentine government is from now on reduced to attempt moves that cannot and will not solve the deep disbalance that is pushing the country to a financial crisis of large proportions.

    In a nutshell, Argentina has been in the hands of a gang of rapacious business people who in just shy of three years have dismantled the country's domestic productive sector and have burdened the economy with a domestic and foreign debt that pretty soon will become totally unmanageable.

    Contrary to early lies spread by the government, the IMF has an extensive set of conditions to continue lending money, conditions that will liquidate the assets that guarantee the retirees' income and deepen an already ruinous recession.

    Argentina will become, to its disfortune, a showcase for the consequences of applying textbook neoconservative measures in a developing country.

    It will also show the selfishness of wealthy class that, having its assets spread in fiscal havens, has little commitment to the country's progress, as clearly expressed by cabinet members who do not even blink when asked about their offshore accounts.

    A hard lesson for Argentine voters.

    Posted 1 hour ago - Link - Report abuse 0

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