MercoPress. South Atlantic News Agency

Argentina (and South America) “prepared to face rich countries economic crisis”

“Argentina condensed its debts to spawn growth” said Minister Boudou

Argentina’s Minister of Economy and President Cristina Fernández de Kirchner running mate for the upcoming presidential elections Amado Boudou stressed Tuesday that the country is ready to face the recent international economic crisis that has pushed world markets down for the past week.

“In a world of uncertainty, Argentina is raising assurances” the minister said. In interviews to local media in Buenos Aires, Boudou reassured Argentina’s economy is in good shape and prepared to face the challenges of a possibly global recession.

“We are prepared. We sustain a loose fiscal outlook and a string of financial tools to face any additional situation” he remarked referring to growing concerns on whether international recessions will affect Argentina.

Boudou remarked global uncertainty is generated by a debt crisis and observed “as opposed of what happened in other countries, Argentina condensed its debts to spawn growth.”

“This is not time for desperate measures” said Boudou and highlighted the “Argentine domestic market is expanding like no other occasion in its history”.

The minister said Argentina has a double surplus, (budget and trade), diversified foreign trade and an effective industrialization policy geared to create jobs and social inclusion in the country.

Boudou also stressed the need for a joint regional effort to face international certainty and recalled recent meetings in Lima and Santiago of Finance ministers and central bankers.

“Unasur (Union of South American Nations) will continue addressing those concerns” in an upcoming meeting to be hosted in Buenos Aires.

“We met in Lima and now we are meeting in Buenos Aires to press on straightening intra-regional trade and to expand currency exchange within the region,” he said.

According to Boudou “Latin American has responded properly and adequately” to the financial world crisis and reiterated that “international issues of this magnitude as we are seeing were created when financial and economic policies distanced from the real economy”.