Ministers Fired After Argentina Currency Collapse

Argentina’s President Mauricio Macri has replaced two cabinet ministers responsible for economic issues in the continued fallout from the collapse of the currency, state media said, AFP reported. The removal of Energy Minister Juan Jose Aranguren and Production Minister Francisco Cabrera, reported by the official Telam news agency, came two days after Central Bank governor Federico Sturzenegger lost his job to Finance Minister Luis Caputo. Dante Sica, an economist, takes over from Cabrera, while Javier Iguacel, an engineer, assumes the post which Aranguren held since 2015. Macri in March was forced to defend Aranguren, former president of Anglo-Dutch oil company Shell in Argentina after the minister admitted keeping his fortune of $88 million abroad because he lacked faith in the domestic economy. Following a currency crisis in April and May, the International Monetary Fund announced a $50 billion standby loan in early June. Pressure on the currency continued Thursday when the peso plunged more than 6% against the dollar, leaving it at a record low before a slight recovery on Friday.