Sep 3, 2018

Argentina announces emergency spending cuts as financial crisis looms

Currency exchange in Buenos Aires, Argentina. Photo: Eitan Abramovich/AFP via Getty Images

Argentine President Mauricio Macri announced steep spending cuts and new taxes on exports Monday in an effort to restore investor confidence, following a disastrous week that saw the peso lose 20% of its value against the dollar, reports the Financial Times.

The big picture: The Argentine government is taking drastic steps, including raising interest rates to 60%, with the hope of fending off another crisis in a country that has experienced decades of financial turmoil. Macri's aggressive plan to balance the budget comes as Argentina seeks an acceleration of bailout funds from the IMF.

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Trump threatens to move Republican convention from North Carolina if capacity reduced

President Trump on stage during the 2016 Republican National Convention in Ohio. Photo: Bill Clark/CQ Roll Call via Getty Images

President Trump threatened in a series of Monday tweets to move this summer's Republican National Convention from Charlotte if North Carolina's Democratic governor, Roy Cooper, doesn't allow the event to be held at full capacity.

The state of play: Mandy Cohen, the state's health and human services secretary, said last week that the GOP should "plan for the worst" as mass gatherings will be a "very big challenge" if the number of coronavirus cases in the state continues to increase, per NPR.

Go deeper (1 min. read)Arrow20 mins ago - Politics & Policy

The wreckage of summer

Illustration: Sarah Grillo/Axios

We usually think of Memorial Day as the start of the summer, with all of the fun and relaxation that goes with it — but this one is just going to remind us of all of the plans that have been ruined by the coronavirus.

Why it matters: If you thought it was stressful to be locked down during the spring, just wait until everyone realizes that all the traditional summer activities we've been looking forward to are largely off-limits this year.

Go deeper (2 min. read)Arrow2 hours ago - Economy & Business

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 5,432,512 — Total deaths: 345,375 — Total recoveries — 2,182,202 — Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 1,643,499 — Total deaths: 97,722 — Total recoveries: 366,736 — Total tested: 14,163,915 — Map.
  3. 2020: Trump threatens to move Republican convention from North Carolina.
  4. World: White House announces travel restrictions on Brazil — Over 100 cases in Germany tied to single day of church services.
  5. Public health: Officials are urging Americans to wear masks over Memorial Day.
  6. Economy: White House economic adviser Kevin Hassett says it's possible the unemployment rate could still be in double digits by November's election.
  7. What should I do? Hydroxychloroquine questions answered — Traveling, asthma, dishes, disinfectants and being contagious — Masks, lending books and self-isolating — Exercise, laundry, what counts as soap — Pets, moving and personal health — Answers about the virus from Axios experts — What to know about social distancing — How to minimize your risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

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Updated 6 hours ago - Politics & Policy