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Business Matters: Argentina in Economic 'Emergency'

News

Argentina in Economic 'Emergency'

04/09/2018 GMT

BBC World Service - Business Matters, Argentina in Economic 'Emergency'

The peso has fallen almost 50% against the US dollar this year.

Argentina is in the midst of an economic emergency.

That sobering assessment comes from the country's president, Mauricio Macri.

He went on national television to announce a series measures designed to halt a run on the country's currency. The peso has fallen almost 50% against the US dollar this year.

Investors are betting Argentina will run out of money, and won't be able to pay back its debts.

Luc Cohen who works for the Reuters news agency tells us what Mr Macri’s plan is.
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(Picture: Civil servants marching against some 600 layoffs at the Agro-Industry Ministry and demanding their reinstatement, on September 3, 2018 in Buenos Aires, Argentina. Credit: Getty Images.)

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