The argentine president ensures that the peso crisis is over

The argentine president Mauricio Macri at a press conference in the presidential residence of Olivos, in the province of Buenos Aires, on may 16, 2018 (Photo by JUAN MABROMATA. AFP)

The argentine president Mauricio Macri assured that the crisis of the peso, which has reduced the currency in south american in recent weeks, was completed and set as a priority the reduction of the budget deficit.

“We believe to have overcome the turmoil on the foreign exchange market, but I think it is important to recognize the moment of nervousness experienced by the population, there has been the fear, the anguish,” said the president during a press conference.

A crisis of confidence in the argentine peso resulted in a depreciation of the currency against the dollar of nearly 20% in a month and a half.

“The central problem is the fiscal deficit,” he stressed. We need to reduce it. We can’t spend more than what we have, and depend on international loans to finance”.

The budget deficit increased from 6% to 3.9% in two years of management Mr. Macri, who has requested a loan from the IMF.

“We must not see a problem with the IMF. It is a serious institution. We will find an agreement for smart to consolidate our growth,” added Mauricio Macri, a businessman, came to power in 2015.

The 3rd economy in Latin America has found itself in 2017 with a good growth rate (2.8%) and hope to maintain the cap this year.

On the other hand, the government has failed to curb inflation, exceeding 20% in the last 10 years.

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