Argentina launched a sweeping new austerity program to try to solve its economic crisis — but investors aren’t buying it

Marcos Brindicci/Reuters

• Argentina reveals new austerity measures aimed at reducing the country’s huge budget deficit.
• New measures will include an increase in export tariffs for grains such as soybeans, and a halving of the number of government agencies.
• The new measures were not well received by investors, with the peso falling after their announcement.

Argentina late on Monday revealed a series of new austerity measures aimed at stopping, or at least slowing, the emerging crisis around its downtrodden economy.

In recent weeks, Argentina’s peso has plunged to record lows against the US dollar as investors look to move their money out of the country. Argentina which has an interest rate of 60%, one of the highest in the world, and a sky-high budget deficit.

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