- Title: Argentines protest for wage increases amidst growing default fears
- Date: 30th August 2019
- Summary: BUENOS AIRES, ARGENTINA (AUGUST 30, 2019) (REUTERS) VARIOUS OF PROTESTERS BELONGING TO DIFFERENT TRADE UNIONS MARCHING FLAGS FROM DIFFERENT TRADE UNIONS AND SOCIAL MOVEMENTS HELD UP BY PROTESTERS AS THEY GO BY THE EMPLOYMENT MINISTRY VARIOUS OF PROTESTERS MARCHING PROTESTERS GATHERED FOR RALLY (SOUNDBITE) (Spanish) SECRETARY GENERAL OF THE CTA (ARGENTINE WORKERS CENTRAL TRADE UNION), RICARDO PEIDRO, SAYING: "It's about the minimum wage. We are very clear that no one should be getting a salary below the poverty line. Today, we propose to whoever wants to listen to us that the minimum wage should not be under 32,000 pesos (about $530 U.S.) ." VARIOUS OF POLICE IN RIOT GEAR NEAR PROTEST PROTESTER HOLDING UP PLACARD THAT READS (Spanish) "(PRESIDENT MAURICIO) MACRI AND (LOCAL LAWMAKER ELISA) CARRIO WANT ME DEAD, "LESS EXPENCES" RETIRED HOMELESS. MINUMUN WAGE." SECRETARY GENERAL OF THE CGT (GENERAL WORKERS CONFEDERATION) HECTOR DAER ARRIVING AT EMPLOYMENT MINISTRY FOR MEETING WITH GOVERNMENT (SOUNDBITE) (Spanish) SECRETARY GENERAL OF THE CGT (GENERAL WORKERS CONFEDERATION) HECTOR DAER, SAYING: "We want the minimum wage and workers benefits to be in line with the basic basket of goods. From this, we will see what the business sector and the government proposes." GOVERNMENT MINISTERS IN VEHICLE, ARRIVING FOR MEETING WITH TRADE UNION OFFICIALS EMPLOYMENT MINISTER DANTE SICA ARRIVING FOR MEETING, WALKING THROUGH MEDIA GATHERED (SOUNDBITE) (Spanish) VICE PRESIDENT OF THE INDUSTRIAL TRADE UNION OF ARGENTINA, DANIEL FUNES DE RIOJA, SAYING: "(Reporter: How do you see the country's economy?) Complex, delicate. But one must be prudent. (Reporter: Worried?) Of course." VICE PRESIDENT OF THE INDUSTRIAL TRADE UNION OF ARGENTINA, DANIEL FUNES DE RIOJA WALKING INTO BUILDING FOR MEETING WITH GOVERNMENT VARIOUS OF LONG LINE OF PEOPLE WAITING OUTSIDE OF BANK EXTERIOR OF BANK LONG LINE OUTSIDE BANK EXTERIOR OF BANK PEOPLE ENTERING BANK REVOLVING DOOR AT BANK
- Embargoed: 13th September 2019 22:10
- Keywords: economy IMF President Mauricio Macri Argentina elections debt candidate Alberto Fernandez default Cristina Fernandez protest Buenos Aires
- Location: BUENOS AIRES, ARGENTINA
- City: BUENOS AIRES, ARGENTINA
- Country: Argentina
- Topics: Government/Politics
- Reuters ID: LVA001AUEVRRB
- Aspect Ratio: 16:9
- Story Text: Large crowds took to the streets of Buenos Aires on Friday (August 30) to call for an increase in wages, as the Argentine peso buckles under the weight of inflation and default fears.
Argentina's peso slumped on Friday, recording its worst monthly performance ever, after ratings agency Standard & Poor's announced it was slashing Argentina's long-term credit rating to "junk."
The ratings action follows the government's announcement to "re-profile" some $100 billion in debt earlier in the week, sinking Argentine bonds and igniting worries of a full-blown debt crisis for Latin America's third-largest economy.
Wider economic woes have hit the purchasing power of the consumers, with trade union movements demanding greater pay. Union officials met with members of the government to push the issue of increasing wages.
The carnage in Argentine markets started after business-friendly President Mauricio Macri suffered a thumping defeat in primaries at the hands of Alberto Fernandez, stoking fears that the return of a leftist government could herald a new era of interventionist policies.
The general election, with Fernandez now the clear front-runner, is in late October. But the incumbent has vowed to keep up his message of economic responsibility whilst looking out for citizens.
After the meeting with trade union officials, the Macri government announced that there is to be a staggered increase in the minimum wage.
(Production: Horacio Soria, Juan Bustamante)
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