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Argentina announces emergency spending cuts as financial crisis looms

Argentine currency exchange
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.