Argentina announces economic relief plan, peso keeps dropping
(WorldNews Argentina)

BUENOS AIRES — Argentine President Mauricio Macri on Wednesday unveiled a package of welfare subsidies and lower taxes for workers to lessen the impact of an economic crisis just months before a re-election bid, but his announcement did not immediately halt the peso currency’s collapse. The peso opened 12.3% weaker at 61 per U.S. dollar after Macri announced the measures, but recovered slightly to be down 4.77% later in the morning. It was the third consecutive day of heavy losses in the peso due to market concerns about politicians’ ability to drag Argentina out of another round of recession and high inflation. Argentina’s Merval stock index was...