Buenos Aires (AFP)
Finance Minister Nicolas Dujovne resigned Saturday, according to media reports, after a week of market turmoil that saw the peso lose more than 20% of its value and the stock market dive more than 30%.
Dujovne will be replaced by Hernan Lacunza, Minister of Economy of the Province of Buenos Aires, say the Argentine media who published his letter of resignation.
In this letter, reproduced on the website of the daily newspaper La Nacion, Mr. Dujovne says he is "convinced that due to the circumstances, the (governmental) management requires a significant renovation in the economic sector".
Nicolas Dujovne leaves office as the economic crisis in the country has worsened after the electoral defeat of President Mauricio Macri who seeks a new term in the presidential election in October.
The outgoing president was dreadfully beaten last Sunday at his party's primaries by Alberto Fernandez, a moderate Peronist who became the favorite of the October presidential election.
The peso and the stock market immediately plunged Monday, and Friday agencies Fitch and S & P have lowered the rating of the sovereign debt of Argentina.
Under pressure, President Macri announced Wednesday a series of measures to "give a boost" to the purchasing power of the middle class and popular and try to catch up before the presidential election of 27 October: raising the minimum wage, one-off bonuses, tax cuts and freezing of gasoline prices for three months.
In this country in recession since last year, inflation remains very high over the last 12 months, at 40%, while the unemployment rate reaches 10.1%.
© 2019 AFP