BUENOS AIRES: Argentine President Mauricio Macri on Wednesday unveiled a package of welfare subsidies and tax cuts for lower-income workers to lessen the impact of an economic crisis just months before a re-election bid, but his announcement did not halt the peso currency's collapse.
Better known for austerity measures earlier in his time in office, Macri said the government will now give subsidy payments of 1,000 pesos per child for unemployed people with children before the end of the year. The minimum wage increase will be determined later.
"The measures I take and that I am going to share with you now are because I listened to you, Macri said in a video statement announcing his new measures. For Adrian Lopez, a 47-year-old office manager, the relief plan could represent an opportunity for Macri to win back some support among undecided voters.
Brazilian President Jair Bolsonaro said on Wednesday that Argentina was heading for chaos as"leftist bandits" who performed well in the primary election will follow the path of Venezuela, which is mired in a deep economic crisis.In a sign that the market is more wary of holding Argentine debt, five-year credit default swaps were marked at 2,720 basis points, over double Friday's closing level of 1,017, according to data from IHS Markit.
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