>> Some relief for economically ravaged Argentines. The country's battered currency stabilized Friday following a nose bleeding 30% free fall during the month of August. A small amount of confidence coming back after the government of Latin America's third biggest economy announced a plan to restore economic order, and the International Monetary Fund offered a strong seal of approval.
But as Reuters’ correspondent, Luke Cohen, warns from the streets of the capital, Buenos Aires, more pain is certain to come as Finance Minister Nicolas Dujovne delivers more budget cuts.>> In response to the currency volatility, Argentine authorities have come out and said that they plan to reduce the fiscal deficit even more next year, and so we’re still waiting for what that’s gonna be.
Dujovne any promise and announcement on Monday to outline a series of new economic measures that he hoped would stabilize the peso.>> But bringing stability to the peso is likely to bring more chaos to the streets.>> We're also seeing layoffs in government entities and state-owned companies in order to try to reduce the fiscal deficit which has also generated anger with unions concerned about job losses.
And the budgets cuts are probably going to exacerbate the decline in an economy that's already sliding into recession.>> Argentines fed up with disappearing job, and inflation at a more than 30% break neck speed, have vowed to fight this new round of belt tightening fearing they’re heading back into the dark days of the country’s 2001-2002 crisis, when millions were plunged into poverty.