• By The Financial District

Argentina Economy Minister Quits, Rattling Shaky Gov't

Updated: Jul 4

Argentina's Economy Minister Martin Guzman, the architect of a recent major debt deal with the International Monetary Fund (IMF), resigned on Saturday (Sunday, July 3, 2022, in Manila) as deep divisions emerged within the ruling coalition over how to deal with mounting economic crises, according to Reuters' Jorge Otaola.


Photo Insert: Martin Guzman, a moderate, had fought with influential Vice President Cristina Fernandez de Kirchner, a hardline two-term former president who has attacked his economic management and urged for increased spending to alleviate high poverty levels.



Guzman, a minister since late 2019 and a close supporter of President Alberto Fernandez, announced his decision on Twitter, adding that he maintained "confidence in my vision of the path Argentina should follow."


With splits in his coalition, inflation soaring above 60%, the peso currency under pressure, and national bonds at record lows, the center-left Peronist president is facing his lowest approval rating since entering office in 2019.



Guzman, a moderate, had fought with influential Vice President Cristina Fernandez de Kirchner, a hardline two-term former president who has attacked his economic management and urged for increased spending to alleviate high poverty levels.


Guzman's resignation comes just as he was set to go to Europe to clinch a $2 billion debt agreement with the Paris Club of sovereign lenders. It also undermines Fernandez's dwindling power base.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

"It is the chronicle of a death foretold," said Mariel Fornoni, director of the Management and Fit Consultancy, adding that the government's humiliating loss in midterm elections last year had hurt President Fernandez badly.



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