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Argentine peso jumps after heavy losses

Video Credit: Reuters Studio - Duration: 01:50s - Published
Argentine peso jumps after heavy losses

Argentine peso jumps after heavy losses

Argentina's peso jumped nearly 5% Thursday, as President Macri shared a phone conversation with political rival Alberto Fernandez where they said they were determined to control Argentina's economic crisis.

But, as Francis Maguire reports, for many who protested about poverty in Buenos Aires, Macri's talk is still not enough.

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Argentina's peso jumped nearly 5% Thursday (August 15), ending a three-day rout.

It closed at 57.4 pesos per dollar as President Mauricio Macri said he and his main political rival were determined to control an economic crisis.

The peso lost almost a quarter of its value earlier this week, when populist Alberto Fernandez beat centre-right Macri in Sunday's (August 11) primary election.

Macri Tweeted Thursday he had a 'long and good telephone conversation' with Fernandez.

He said his rival promised to cooperate so the electoral process affects the economy as little as possible.

Fernandez said the talks were productive.

(SOUNDBITE) (Spanish) ARGENTINE PRESIDENTIAL CANDIDATE, ALBERTO FERNANDEZ, SAYING: "It seemed to me to be a very good chat and a good way to try to bring calmness to the country and to the markets.

We all want the economy to stabilize.

On Wednesday (August 14), Macri responded to Sunday's vote by vowing to cut income tax for workers and raise the minimum wage, among other promises.

Later, he pledged sales tax will be eliminated on some basic food products, including bread, sugar and milk, until the end of year.

An awkward U-turn for a President who won the 2015 election promising to slash public subsidies and correct years of what he called 'leftist economic management'.

But Macri's new offer isn't enough for some.

Argentines protested in the capital Buenos Aires Thursday.

(SOUNDBITE) (Spanish) ACTIVIST AND DEMONSTRATOR, MARIANELA NAVARRO, SAYING: "After the large electoral defeat that the national government suffered, some measures have been announced that are totally insufficient for the number of poor people that are in the country." The peso may have recovered slightly, but Macri will need a stonger recovery in his own poll ratings if he's to see off Fernandez's challenge in October's general election.




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