Argentina’s latest economy minister, Sergio Massa, formally took over the reins of his newly dubbed “super-ministry” on Wednesday, with expectations he will announce spending cuts to calm markets amid an escalating economic crisis. deep.
The South American country’s large fiscal deficit, exacerbated by years of overspending, raging inflation, high debt and a peso currency, await Massa, Argentina’s third economic boss just last month.
Former congressional leader and lawyer for the ruling Peronist coalition, Massa was sworn in by President Alberto Fernández in Buenos Aires. He was due to deliver a speech later on Wednesday, where further spending cuts, as well as measures to increase dwindling international reserves, are due to be announced.
Some local markets appeared encouraged Wednesday ahead of expected announcements. Argentina’s main stock index, the S&P Merval, closed up 1.43%, just before Massa took office.
Sovereign bonds, however, fell 0.4%, while the informal black market peso weakened 2.35%, trading at 298 pesos to the US dollar.
Source: CNN Brasil
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