Argentina’s Treasury Minister Nicolas Dujovne has resigned, saying in a letter seen by Reuters on Saturday he believed the government needed “significant renewal” in its economic team amid a crisis which saw the peso plunge this week.
Argentine authorities and Interpol detained on Friday a businessman who was at the center of a Mexican corruption scandal in 2004 that hurt the reputation of Andres Manuel Lopez Obrador, who at the time was Mexico City's mayor and is now the nation's president.
Ratings agencies Fitch and Standard & Poor's downgraded Argentina's sovereign debt rating on Friday, flagging higher chances of a default in the wake of a shock primary election result that plunged the country into its latest economic crisis.
When opposition presidential candidate Alberto Fernandez addressed a crowd of supporters after his landslide victory in Argentina's primary election, there was one notable absence from the stage: former president Cristina Fernandez de Kirchner.
Argentina's central bank must toe a politically fraught line between supporting the peso without blasting through the bank's reserves, as policymakers seek to salvage the currency ahead of October's presidential election, analysts said on Friday.
Most Latin American stocks rose on
Monday, joining a rebound in global markets on hopes of fiscal
and monetary stimulus in major economies, while Argentina was
handed a fresh blow as Fitch downgraded its credit rating,
pushing it deeper into junk territory.
Stocks in the region, besides those in Argentina, gained
between 2% and 0.4% as fiscal stimulus hopes from Germany and
Ratings agency Fitch on Friday downgraded Argentina's sovereign debt rating from 'B' to 'CCC,' flagging an increased likelihood of a default in the wake of a shock primary election result that plunged the country into its latest economic crisis.
Brazil's backsliding on Amazon conservation under right-wing President Jair Bolsonaro and a likely Peronist return to power in Argentina could delay or even derail ratification of an EU-Mercosur trade agreement that took two decades to negotiate.
Argentina's central bank will have to toe a politically fraught line between providing support for the crumbling peso without blasting through its reserves to salvage the currency as a presidential election looms in October, analysts said on Friday.
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