Argentina in austerity move Argentina’s president Mauricio Macri announced austerity measures, including the elimination of government ministries and stiff taxes on exports to reduce budget deficits and stabilise the economy. The centre-right president admitted in a speech to the nation that Argentina was facing “an emergency.” “We must confront a fundamental problem: to not spend more than we have, to make efforts to balance the state’s accounts,” he said in the televised address. Argentina is one of the world’s biggest exporters of corn and soy oil. Addressing rich agricultural exporters who will face export taxes, he said: “We know it's a bad tax, but I ask you to understand that it’s an emergency”. In a bid to reassure Argentines increasingly concerned over austerity, he said he would allocate more aid to the country’s poor, suffering from the effects of high inflation. AFP
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