Argentine President Cristina Fernández was forced to cancel Tuesday’s agenda for 24 hours after doctors diagnosed her with low blood pressure. The president remained at the Olivos residence where, nevertheless she dispatched some daily business with a few ministers.
Argentina will grow 2.6% in 2012 according to the IMF latest World Economic Outlook, which is below the 3.4% estimated by President Cristina Fernandez administration for this year’s budget.
Former Economy Minister Domingo Cavallo assured that Argentina’s current problems are much more serious, than back in 2001 since nowadays “people are desperate because they want to preserve the value of their savings and the Government does not allow them to do so”.
President Cristina Fernández blasted those sectors that demand a cheaper Peso (and stronger US dollar) and defended the exchange rate and imports' controls saying they are vital for the industrialization process of Argentina.
Argentine President Cristina Fernández said on Tuesday that there has always been “clashes and discussions” between companies and their workers but called on both parties to be “rational enough since they need each other in order to avoid collapsing, something we all experienced during the 2002 crisis.”
The Uruguayan government said on Monday there will be no public statements on the latest “situations” with Argentina, and Uruguay will keep to what was agreed at presidential level during the last (31 July) Mercosur extraordinary meeting in Brasilia.
After attending the Mercosur extraordinary meeting in Brasilia, President Cristina Fernández and her Venezuelan counterpart, Hugo Chávez, signed a cooperation agreement to develop a strategic energy plan between state oil companies YPF and PDVSA.
Mercosur full members Argentina, Brazil and Uruguay are insisting with their decision to sanction the Paraguayan government following the impeachment and removal of former president Fernando Lugo
Argentina's Peso sank in informal trade on Tuesday due to intense demand for US dollars from anxious savers and holidaymakers dodging the government clamp on international currency purchases.
The US dollar in Argentina soared on Monday and was trading in the “blue” or parallel market at 6.31 Pesos considerable higher than last Friday. The official rate climbed a modest half cent to 4.53 and 4.575 Pesos.