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The Minister of Finance of Argentina resigns after the results of the primary elections

August 18, 2019

MADRID, Aug. 18 (EUROPE PRESS) –

The Minister of Finance of Argentina, Nicolás Dujovne, presented his resignation letter to the president, Mauricio Macri, on Saturday, in the middle of a financial crisis that threatens the current president's governance after the result of the primary elections, in which the opposition candidate Alberto Fernández won 47.27 percent of the vote.

“Today I have decided to present my resignation to the position of Minister of Finance, which I have exercised since January 2017. I do it convinced that the management you lead needs a significant renewal in the economic area. I consider that my resignation is consistent with belonging to a government and political space that listens to people, and acts accordingly, “Dujovne said in a letter sent to President Macri.

In this same letter, the former Minister of Finance has stated that, throughout his administration, he has worked to “contribute to the construction of a different, modest Argentina, integrated to the world, plural and with the macroeconomic balances necessary for sustainable development. “.

He also highlighted the achievements made during his time at the head of the Ministry of Finance, such as reducing the deficit, as well as “distortion taxes in the provinces.” On the other hand, he has lamented the mistakes made at this time, which, he said, “never” hesitated to recognize and did “everything possible to correct them.”

Finally, he affirmed that for him “it has been an honor and a pride” to serve the Government led by Mauricio Macri and work for his country. “I hope that our beloved country can finally turn a course in decades of failures and achieve the objective of economic development and the elimination of poverty,” he concluded.

Nicolás Dujovne will be replaced by the Minister of Economy in the province of Buenos Aires, Hernán Lacunza. The place of Lacunza will be occupied by Damián Bonari, his number two, as reported on Sunday by the Argentine newspaper 'Clarín'.

The Argentine president was surpassed by a wide margin by the opposition in the primary of last Sunday, which caused a collapse of local financial markets, who fear the strong regulations that could follow a victory of the center-left Alberto Fernández in the elections of October.

With increasing poverty and unemployment and a recession that does not give way, the collapse suffered by the local peso this week has already begun to feed inflation that exceeded 55 percent annually until a few days ago and threatens to worsen the social indicators of the country.

The primaries last Sunday had a symbolic value because the political parties had previously elected their candidates for the Presidency, but they fulfilled the function of a broad survey of what could happen in the October presidential elections.

As Alberto Fernández’s Front of Everyone won 47.7 percent of the vote on Sunday, against 32.1 percent of Juntos por el Cambio, the Macri coalition that is preferred by investors, the assets Argentina collapsed on Monday.

The peso rose 4.9 percent on Thursday thanks to the peace of mind that Macri and Fernández transmitted to the markets on Wednesday with a dialogue they maintained to file roughness, after three days of a sharp decline.