Argentina authorities crises construct as Economy Minister Guzman resigns

Argentina’s Economy Minister Martin Guzman, who led debt negotiations with the International Monetary Fund, resigned on Saturday.

Argentina’s Economy Minister Martin Guzman (Photo: Reuters)

Argentina’s Economy Minister Martin Guzman resigned on Saturday, a blow to a authorities beset by mounting financial crises.

Guzman, who led Argentina’s debt restructuring cope with the International Monetary Fund and collectors, posted a letter to his Twitter account saying his determination.

“I write to you to present my resignation as economy minister,” Guzman mentioned in a letter addressed to President Alberto Fernandez.

The authorities is going through its lowest approval ranking since taking workplace in 2019. Inflation is operating above 60% and the peso forex is below rising strain. Sovereign bonds have plummeted.

People are skeptical concerning the financial system and infighting within the governing coalition between moderates like Guzman and a extra militant wing.

Guzman mentioned “there should be a political agreement within the governing coalition” to decide on his successor.

Miguel Kiguel, former secretary of finance in Argentina, informed Reuters that whoever takes over could have a troublesome time, noting that inflation might hit 80% this yr and there’s a hole of almost 100% between official and parallel forex change charges.

“We don’t know who’s coming but this will be a very hot potato,” Kiguel mentioned. “Whoever comes is going to have a very complicated time.”