Argentina launches fresh austerity measures to stem peso crisis

President Macri will raise export taxes and slash spending in push to reduce budget deficit

Argentina has announced sweeping new austerity measures in an attempt to stem its unfolding currency crisis, prior to receiving $50bn (38.8bn) of funding from the International Monetary Fund.

Speaking as the peso dropped to a fresh record low on Monday, President Mauricio Macri said the country was facing an economic emergency that would require austerity measures to resolve. Argentina will slash spending and raise export taxes in a push to accelerate reductions to its budget deficit.

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