BUENOS AIRES, Aug. 9 (Xinhua) — Argentina’s Economy Minister Amado Boudou said Tuesday his country is prepared to deal with the global economic crisis, after world stock markets plunged on Monday.
Boudou said the government has adopted several new measures to sustain the growth of its domestic market, though the Buenos Aires stock market sank 10.73 percent Monday following Friday’s downgrade of the U.S. credit rating by Standard & Poor’s.
«We have been working on facing the crisis,» Boudou said in an official statement, adding that some important measures have been taken, such as the Universal Child Allowance plan and the nationalization of private pension funds.
«We negotiated and reduced foreign debt, which is very important,» Boudou said. «The crisis has to do with the fact that the more developed countries are seriously in debt.»
Boudou also attributed his confidence in Argentina’s economy to the country’s loose tax policy, central bank’s reserves and the strong leadership of President Cristina Fernandez, who has picked Boudou as her vice presidential running mate for the re-election in October.
Argentine peso’s exchange rate would continue to be stable, the economy minister said, adding that «our government will take all the necessary measures to stay away from the global economic crisis.»
Source: news.xinhuanet.com