Austerity measures in Argentina announced

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Argentina has announced austerity measures in a bid to tackle the “emergency” created by the country’s currency crisis.

In a televised address, President Mauricio Macri said Argentina could not keep spending more than it earned.

BBC

Argentine President Mauricio Macri on Monday announced his government would implement new austerity measures aimed at stabilizing the country’s economy.

“We must confront a fundamental problem: to not spend more than we have, to make efforts to balance the state’s accounts,” Macri said.

The measures include taxes, massive spending cuts and an export tax on primary exports, including agricultural goods. 

“We know it’s a bad, terrible tax that goes against what we want to foster: more exports to create more quality jobs,” Macrci said. “It’s an emergency.”

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