BUENOS AIRES: Argentine President Mauricio Macri announced plans for salary hikes and tax cuts on Wednesday after voters turned resoundingly against his austerity policies, sparking days of economic turmoil.
"My task is to ensure governance. Dialogue is the only way. Uncertainty has caused a lot of damage and forces us to be responsible. I want to convey peace of mind in this electoral process that has begun," he said in a message released before markets opened. The president said the package of measures would"relieve the pockets" of Argentines hit by 55 per cent inflation and a 20 per cent devaluation in the value of the peso this week as markets reacted to Macri's defeat.The president's announcement did little to immediately ease market concerns, however.
Macri said he wanted to relieve a situation affecting a weary electorate."Getting to the end of the month became an impossible task, many families had to cut their expenses," he said.
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