The newly elected president of Argentina, Mr. Mauricio Macri' has been busy since winning the position over ex-president Kristina Kirchner's hand-picked successor. Mr. macri has lowered personal income taxes; eliminated export taxes on most agricultural exports(except soybeans); and appointed to new supreme court justices by decree. They were welcomed by the head of the court which helped quell some dissension in legal circles.
Mr. Macri expressed a continued effort to reverse the poor economic conditions which has left the country with a poverty rate of 29%. Inflation has been running close to 25% annually, and monetary controls have been in place to keep private funds from exiting the country. He will eliminate most prices controls, and a devaluation of the peso will probably follow. Head of the Economic Bureau says that this changes has already been in place with price increases and will not cause further inflation.
Mr. Macri has a long way to go after 9 years of Kirchners. They hope they don't end up like Brazil. But, lots of work lies ahead. The credit worthiness of the country must be improved if foreign investors are expected to return to the Pampas and Patagonia. Good luck, Mr. Macri.
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