Argentine peso falls despite new economy chief's vow to stabilize it

BUENOS AIRES - Argentina will stand by the fiscal targets it has agreed with the International Monetary Fund and work to stabilize the peso, the country’s new treasury minister said on Tuesday in remarks that failed to stop the currency’s sharp recent slide.

He said his top priority will be to stabilize the peso, which tumbled 18% last week after the business-friendly Macri was unexpectedly thumped in an Aug. 11 primary election by Alberto Fernandez. The center-left candidate is now expected to defeat Macri in an Oct. 27 general election. Speaking at a conference in Buenos Aires, James McCormack, Fitch’s head of sovereign ratings, said it may be necessary for Argentina to restructure its debt.

“An IMF staff team will travel to Buenos Aires soon,” said the statement, which was signed by IMF spokesman Gerry Rice. Nicolas Dujovne, the former treasury minister, quit on Saturday, saying he believed the country needed “significant renewal” of its economic team.Central bank chief Guido Sandleris also told reporters on Tuesday the bank would continue to sell reserves in an effort to halt the peso’s slide. The bank later sold $84 million in the foreign exchange market to steady the peso.

Source: Financial Digest (financialdigest.net)

I heard Alberto Fernandez was a far left socialist in the mold of Madura. And the currency was collapsing because it looks like might win the election in Argentina.

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