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With Economic Storm Breaking, Argentina's Macri Announces Relief Measures

Reuters

   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.

   Amid signs that Argentines are already cutting back on buying goods due
   to a currency crash this week, the peso closed 7.1% weaker on Wednesday
   to reach 60.2 per U.S. dollar.

   The peso has lost a quarter of its value since Monday due mostly to
   market concerns that opposition candidate Alberto Fernandez will bring
   back interventionist economic policies if he wins October's
   presidential election as looks likely.

   Argentina is currently suffering a recession and an inflation rate of
   55%. Macri said he would raise the minimum wage, temporarily freeze
   gasoline prices and increase the income tax bracket floor by 20%.

   That would allow a tax cut for two million workers worth some 2,000
   pesos ($33) per month per person, the government said.

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