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ARGENTINA | 25-04-2019 17:44

Rodríguez Larreta defends Macri: 'In Argentina, we choose candidates, not Wall Street'

President Mauricio Macri's successor as Mayor of Buenos Aires criticises business leaders and markets as exchange rate volatility rattles confidence.

The Mayor of Buenos Aires City has hit out at critics of Mauricio Macri amid concerns about the President's chances of re-election in October.

"Candidates are chosen in Argentina, not on Wall Street", Buenos Aires Mayor Horacio Rodríguez Larreta said Thursday, speaking to Radio La Red.

"The candidate for president is Mauricio Macri. María Eugenia Vidal is the candidate for the governorship of Buenos Aires", the Mayor insisted, dismissing the idea that the more popular Vidal could save the national government from failing to secure a second term in office.

His comments come in the context of the recent spike in exchange rate volatility. On Thursday, the dollar reached 47 pesos while Argentina's country risk spiked to 1,000 points.

"I'm not an expert in markets but what has happened in the last few months is that the dollar goes up and down, up and down, up and down. If one looks at it (the exchange rate) in relation to seven or eight months ago, when the deal with the International Monetary Fund (IMF) was signed, the dollar has been relatively stable in the long term", he added.

"What's more, inflation has surpassed the growth of the dollar", he said.

Business people meeting this week during the Inter-American Council for Commerce and Production (CICYP) summit reportedly questioned Vidal, insisting: "Are you going to be a presidential candidate in the next election?"

CITY VOTE

Buenos Aires City will go to the polls on Sunday October 27, the same day as the national general and presidential elections.

"We have still not defined my running mate. I worked very well with (vice mayor) Diego Santilli", Rodríguez Larreta added.

-TIMES

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