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Argentina’s Macri Rolls Out More Measures as Markets Recover By Bloomberg

Argentina’s Macri Rolls Out More Measures as Markets Recover By Bloomberg

ECONOMIC NEWS

Argentina’s Macri Rolls Out More Measures as Markets Recover By Bloomberg

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(Bloomberg) — President Mauricio Macri finally got a moment of reprieve Thursday after he rolled out a second wave of economic measures while markets recovered a bit following steep losses.

Macri froze payments on inflation-linked home mortgages until December, eliminated a VAT tax on essential food products and prepared to freeze gas prices for 90 days. That follows a slew of other measures he rolled out Wednesday. The peso gained 5.5% Thursday after plunging earlier in the week, while bonds rebounded, too.

The emergency measures came after opposition candidate Alberto Fernandez defeated Macri by a landslide in Sunday’s primary vote, triggering a market sell-off on fears of a return to populism. Roberto Lavagna, the third-place candidate trailing far behind Macri and Fernandez, announced Thursday he was temporarily suspending his campaign to focus on resolving the crisis.

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