Macri says Argentinian crisis is over

Buenos Aires: Argentinian President Mauricio Macri says his country's looming economic crisis is over, after the local currency recovered somewhat on Wednesday.

Macri announced last week that Argentina was seeking a financing bailout from the International Monetary Fund following a sharp drop in the peso, prompting mass protests on the streets of Buenos Aires.

The decision brought back haunting memories for Argentinians who blame the IMF for policies that led to the country's 2001 economic implosion.

A union activist wears a Russian Soviet army hat during a protest against the Macri’s economic policies on Wednesday.

Unions and opposition grassroots movements marched against price hikes, inflation, and the idea of an IMF cloud hanging over the nation again.

"We want to show, in particular, who the families are that are affected by these measures and also point out that what they are doing is a tragedy. While today they are guaranteed billions of dollars of profit to certain sectors, there are families who do not have anything to eat, that is the reality," Daniel Menendez of Neighbourhoods Rise Up, told Reuters.

People hold cutouts of light bulbs with words that read in Spanish “no to the price hike” on Wednesday in Buenos Aires.

Macri said his government thought it had "overcome" the turbulence over the currency.

"It's important to recognise the moment of nervousness and anguish lived by a sector of the population," Macri said.

"There was fear and anguish. Today, we have a different climate, but we must take a balance of what happened."

The economic turbulence highlighted the frailty of Argentina's economy despite austerity measures imposed by Macri, a conservative who has vowed to boost growth and curb high inflation.

The President said he would demand "an intelligent" deal from the IMF to meet its debt obligations without risking a disruption of economic growth.

"With this deal, we will potentialise the future of Argentines," he said.

The crisis 17 years ago resulted in one of every five Argentinians being unemployed and millions sliding into poverty. The peso, which had been tied to the dollar, lost nearly 70 per cent of its value then. It lost about 25 per cent in recent weeks.

A survey by pollsters D'Alessio Irol/Berensztein said 75 per cent of Argentinians feel that seeking assistance from the IMF is a bad move.


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