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.

Go deeper

Barak Ravid, author of from Tel Aviv
4 mins ago - World

Countries waiting to see if Trump wins before moving on Israel normalization

The delegation lands at Israel's Ben Gurion airport. Photo: Jack Guez/AFP via Getty

The White House is attempting to leverage momentum from Israel's normalization deals with Bahrain and the UAE to get more Arab countries on board before the U.S. election.

Driving the news: President Trump wants Sudan's removal from the U.S. state sponsors of terrorism list to be accompanied by a pre-election announcement on Israel.

Go deeper (1 min. read)Arrow
Orion Rummler
1 hour ago - Politics & Policy

Poll: 92% of battleground state voters are "extremely motivated to vote"

Voters stand in line at the Metropolitan Multi-Services Center in Houston, Texas on Oct. 13. Photo: Mark Felix for The Washington Post via Getty Images

91% of likely voters nationally say they are "extremely motivated to vote," including 92% in battleground states Arizona, Florida, Michigan, North Carolina, Pennsylvania and Wisconsin, according to a Change Research/CNBC Poll.

Why it matters: The 2020 election could see record-breaking levels of voter turnout. Voters last week cast ballots at nearly five times the rate they did at this point in the 2016 election, per the U.S. Elections Project. Over 39 million ballots have been cast in early voting states as of Wednesday.

Go deeper (1 min. read)Arrow
Caitlin Owens, author of Vitals
1 hour ago - Health

OxyContin maker Purdue Pharma to plead guilty to 3 criminal charges

Members of P.A.I.N. (Prescription Addiction Intervention Now) and Truth Pharm staged a rally and die-in last year outside New Yorks Southern District Federal Court in White Plains, where Purdue Pharmaceuticals' bankruptcy hearing was being held. Photo: Erik McGregor/LightRocket via Getty Images

Purdue Pharma, the maker of OxyContin, will plead guilty to three federal criminal charges Wednesday as part of a more than $8 billion settlement with the Justice Department, AP reports.

Why it matters: "The settlement is the highest-profile display yet of the federal government seeking to hold a major drugmaker responsible for an opioid addiction and overdose crisis linked to more than 470,000 deaths in the country since 2000," AP notes.

Go deeper (<1 min. read)Arrow

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!