The Argentine President, Senora Maria Estela Peron swore in Senor Antonio Cafiero on Friday (14 August) as the country's fifth economic minister in four months.
The Argentine President, Senora Maria Estela Peron swore in Senor Antonio Cafiero on Friday (14 August) as the country's fifth economic minister in four months. He is charged with the task of saving the nation from economic chaos.
Several of President Peron's strongest critics are leaders of the powerful Argentine Labour Confederation (CGT), and significantly, Senor Cafiero has been economic advisor to the CGT over 20 years.
Many representative of the CGT were present for the swearing-in ceremony including union leader, Senor Lorenzo Miguel.
According to reports from Buenos Aries, Senor Cafiero faces a daunting task in his new post. He's been summoned by President Peron to tackle the country's mass unemployment, a 200 per cent annual inflation rate and a chronic balance of payment deficit.
Before his appointment, Senor Cafiero was his country's ambassador to the European Common Market in Brussels. After being sworn in, he told journalists that Argentina was going through a serious and difficult time, but he did not think the problems were impossible to solve.
The current political and economic crisis erupted in May when the President tried to freeze all wages. The trade unions rejected the move and won huge pay rises.
And while violence continue between political groups, reports from Argentina say that there is still no sign that President Peron has managed to stabilise the situation.