Hernán Lorenzino, 39, currently Finance Secretary and beginning next Saturday Argentina’s Minister of Economy is considered market friendly, has a vast experience in debt negotiations and accompanied President Cristina Fernandez in her recent trip to the G20 summit in France.
Argentine Vice-president Julio Cobos confirmed that he will be part of the swearing-in ceremony of re-elected president Cristina Fernández, and that he is “ready to face any uncomfortable situation that may happen.”
Argentine Economy Minister Amado Boudou and Planning Minister Julio De Vido announced on Friday further subsidy eliminations for utility services particularly in the City of Buenos Aires, which follows on previous subsidy cuts to several sectors implemented last month by the government of Cristina Fernandez.
IMF chief specifically excluded Argentina from its coming Latinamerican tour because the government of President Cristina Fernandez still has to comply with what was agreed last July, basically normalizing the controversial INDEC stats office and open its books to auditing as happens with all other members of the G20.
Unasur (Union of South American Nations) Economy and Finance ministers plus Central bank governors agreed to promote inter-regional trade as a way to cope with the incoming international crisis and anticipated that the South (development) Bank would formally be in operations in three weeks time.
Unasur Economy ministers and Central Bank presidents will meet Friday to agree on measures to help the region address the impact of the global crisis. The meeting takes place in Buenos Aires hosted by Argentine Economy minister and Vice-president elect Amado Boudou.
Argentina announced Wednesday a further adjustment to its extended public utilities (electricity, water and gas) subsidies policy and this time the cuts will apply to large companies and high income households.
Argentine Economy Minister and Vice-President elect Amado Boudou urged Latin American countries to increase the use of local currencies in regional trade instead of depending on other currency such as the dollar.
Argentine President Cristina Fernández obtained over 54% of votes in the presidential elections, according to the definitive vote count released Thursday by Interior Minister Florencio Randazzo.
Economy Minister Amado Boudou and Planning Minister Julio de Vido announced Wednesday in a press briefing, a full lift on subsidies; a decision which will reach various public sectors, including electricity gas and water companies. The changes imply annual fiscal savings of 600 million pesos (140 million dollars).