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Macri: ‘Three Days of Market Calm Don’t Mean Things Have Been Solved’

Macri chose caution despite the peso appreciated for the third day in a row.

By | [email protected] | September 7, 2018 5:28pm

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President Mauricio Macri chose caution over optimism when talking about the fact that the Argentine peso has appreciated against the US dollar for the third day in a row today, after the sharp run on the currency and devaluation from last week.

“We have to be careful. Three consecutive days of calm does not mean everything has been solved. What we have to do is act in accordance with what we say. Today we are moving forward as Argentines so we no longer have to spend more than what we have,” the President said in a press conference held in Mendoza along with provincial Governor Alredo Cornejo and Interior Minister Rogelio Frigerio.

Nonetheless, Macri did indicate he believes the macroeconomic situation is “stabilizing” and assured “inflation will go down.” “I want this to be the last crisis, we will work so it does not happen again,” the President added.

According to a document the government mistakenly shared earlier this week, the Macri administration expects the annual inflation rate to clock in at 42 percent and the economy to shrink by 2.4 percent of the GDP.

In another moment of the conference, the President praised the attitude taken by members of the opposition with whom the government is negotiating to approve the 2019 budget bill, which includes several austerity measures aimed at eliminating the primary fiscal deficit. “There are leaders who are helping, putting their political aspirations aside. We have a balanced budget that will encourage the development of quality private employment,” said Macri. Frigerio informed the bill will be introduced to Congress next week.

The President also addressed the recent looting attempts in different parts of the country, which had its first episode last Friday. Contradicting the statements made by Security Minister Patricia Bullrich from earlier this week – she said that Kirchnerite leaders were promoting them via WhatsApp – Macri assured that, according to the information his administration has, they have not been “orchestrated” by his political opponents. “They were isolated events,” added Macri, in an attempt to convey peace of mind to the population.