BUENOS AIRES, Aug 3 (Reuters) – Argentina’s latest economy minister, Sergio Massa, formally took the reins of his newly-dubbed “superministry” on Wednesday, with expectations that he will announce spending cuts to calm markets amid a deepening economic crisis.
The South American country’s large fiscal deficit, exacerbated by years of overspending, raging inflation, high debt and an ailing peso currency all await Massa, Argentina’s third economic chief in just the past month.
A former congressional leader and lawyer from the ruling Peronist coalition, Massa was sworn in by President Alberto Fernandez in Buenos Aires. He was scheduled to give a speech later on Wednesday where new spending cuts as well as measures to boost dwindling foreign reserves are expected to be announced.
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Some local markets appeared encouraged on Wednesday ahead of the expected announcements. Argentina’s…