Argentineans Worry Amidst Alarming Peso Drop
Argentineans are on edge due to the recent weakening of the peso against the U.S. dollar in August. In response, government officials have begun imposing currency control in an effort to not repeat history. Back in 2001 and 2002, an economic crisis caused people to be unable to withdraw from their own savings, causing businesses to go bankrupt and poverty to rise. The return of growing distrust in banks is imminent, and it is unclear how the country will face the current instability.
President Macri, who is in the middle of campaigning for the general elections in October, is asking banks and companies across Argentina to “authorize dollar purchases” and “repatriate dollars overseas,” according to CNN. For more details on the emerging economic crisis, watch the video below.