Thu, 21 Nov 2019

BUENOS AIRES, Argentina - Nicolas Dujovne has been replaced as Minister for the Treasury in Argentina, in a shock move over the weekend.

Embattled Argentine President Mauricio Macri whose political career is on life-support as polls show his government losing support ahead of national elections later this year, has named Hernan Lacunza (pictured right) in Dujovne's place.

The move comes just days after the Argentine stock market lost 38% of its value on one day, and the peso fell by 30% before closing the day down 15%.

That stock market and currency plunge on Monday followed a poll on Sunday which put Peronist hopeful Alberto Fernandez ahead of Macri in the PASO primary vote by 15%.

Dujovne (pictured left) tendered a letter of resignation conceding the government needs "significant renewal" in its approach to the economy.

The loss of confidence by domestic and international investors, and the manner in which they vented their fury, or was it fear (?) on Monday set alarm bells off in the government.

"I am convinced that, given the circumstances, the government you lead needs a significant renewal in the economic area," Dujovne wrote in his resignation letter.

"I also consider that my resignation is consistent in that I belong to a government and political space that listens to people, and acts accordingly. It's been an honour for me to serve in your government," he added.

Dujovne's replacement Lacunza, has been the economy minister for Buenos Aires Province. He is the former general manager of Argentina´s Central Bank and the Buenos Aires City Bank.

(Photo credit: Ambito.com).

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