The Executive says that the only solution is to eradicate the high fiscal deficit, which it says has been accumulating for seven decades and deepened during the term of Cristina Fernandez.
The Central Bank of Argentina (BCRA) has decided to raise interest rates to an unprecedented 60% to try to stop the unstoppable collapse of the peso, which this year has accumulated a loss of 102% against the dollar and 96% against the euro .
While the Government tries to transmit normality before this complex situation - until now its measures are not having too much effect - the Argentine society returns to live hours of uncertainty due to the swings of its currency, which traditionally suffers continuous setbacks due to high inflation.
The fuse of the crisis was ignited last April, when the rise in rates in the United States strongly affected emerging markets such as Argentina, which are very dependent on external financing, due to the consequent flight of capital to that country.
Added to this situation is a severe drought, the rise in the world price of oil and the recently uncovered corruption scandal that affects businessmen and members of the previous government.
These factors have caused the economy to grow from January to March for the fifth consecutive quarter to enter recession.
"We do not believe that we are facing an economic failure, much less, Argentina is going to emerge strengthened from this process because we are taking all the necessary measures to resolve the structural adjustments of our economy," said the chief of staff, Marcos Peña.
He also assured "there is no magic solution" for the crisis, has endorsed the Macrist policy and has ruled out that the country resorts, as it did in other occasions, to suspend the payment of the debt or to cling to the issue of money.
In this sense, the Executive insists that the only solution is to definitively eradicate the high fiscal deficit, which he assures has been accumulating for seven decades and deepened during the mandate of Cristina Fernández (2007-2015).
"In these difficult times, those of us who have political responsibility must have temperance, security and power in some way to transmit confidence," said Rogelio Frigerio, the interior minister.
For his part, Macri has been adamant in negotiating salary adjustments in the public sector, with the intention of complying with the promise made months ago to the International Monetary Fund (IMF) to reduce the fiscal deficit in exchange for a multimillionaire credit line. Recently, the government received criticism for adjustments in other areas, such as health.
This Wednesday, Macri announced that he asked the IMF to accelerate the advancement of a new disbursement of funds from the $ 50 billion credit granted last June for the next three years, after the 15,000 million dollars already received in that month.
The objective, he explained, is to guarantee financing by 2019 and "eliminate uncertainty."