Economics
Judgment Day Awaits for Plan to Avert Argentina’s Economic Crisis
- President Macri announced a new export tax to balance budget
- Argentine state seeking to eliminate fiscal deficit by 2019
This article is for subscribers only.
Argentine President Mauricio Macri’s fresh push to save his economy from crisis faces the verdict of investors on Tuesday when U.S. markets reopen after the Labor Day holiday. Bonds gained in early trading.
The government announced emergency measures Monday including new export taxes in an attempt to regain investor confidence after the peso tumbled 25 percent last month. Trading in the currency on Monday was too thin to judge if the plan was a success or not. Bonds due 2028 fell 26 basis points to yield 10.5 percent at 7:18 a.m. in New York, down from an all-time high last week.