Argentine President Mauricio Macri, smarting from a bruising primary election lo...
BUENOS AIRES - Argentine President Mauricio Macri, smarting from a bruising primary election loss, announced on Thursday an end to sales taxes on basic food products until the end of the year in a bid to salvage his re-election prospects and end an economic crisis.
The tax cut represents the boldest of a series of measures Macri has unveiled since his overwhelming defeat on Sunday by the leftist opposition, as he seeks to bolster his waning support and revive Latin America’s third-largest economy. In a news conference after Macri spoke, Labor and Production Minster Dante Sica said the measures would cost about 10 billion pesos , coming into effect on Friday.
The result spooked markets on fears of a return to protectionist policies and the end of free-market economic reforms should Fernandez triumph in October. His vice presidential candidate is former leftist President Cristina Fernandez de Kirchner. The central bank also announced on Thursday that from Aug. 20 private banks would be barred from having total dollar holdings exceeding 5 percent - essentially prompting them to sell U.S. currency if their inventory of greenbacks exceeds that level.
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