Finance Minister Nicolás Dujovne resigned his post Saturday, capping off a week of market chaos that followed President Mauricio Macri’s stunning defeat to Peronist hopeful Alberto Fernández in last weekend's PASO primary vote.
“I am convinced that, given the circumstances, the government you lead needs a significant renewal in the economic area,” Dujovne wrote in his resignation letter to President Macri.
"I also consider that my resignation is consistent in that I belong to a government and political space that listens to people, and acts accordingly. It’s been an honour for me to serve in your government,” he added.
Local news outlets reported that Hernán Lacunza, the sitting economic minister for Buenos Aires Province, will replace Dujovne, taking on the post of Treasury and Finance minister.
Lacunza and his spokesperson weren’t immediately available to comment and the news is yet to be confirmed, though reports earlier today circulated saying that the provincial minister had been called back from a vacation in Neuquén for a meeting with the president at the Olivos presidential residence.
Rumours about Dujovne's departure began to circulate in the middle of last week, though government officials denied departures were in the works. The finance minister's resignation letter was not dated.
Other reports this week suggested that Cabinet Chief Macros Peña may also leave the government in the coming days, with Macri said to be weighing up appointing his running-mate, Miguel Ángle Pichetto, to the post.
According to Perfil, Lacunza's brief at the economy ministry of Buenos Aires Province, the nation's most-populous region, will be assumed by his number two, Damián Bonari.
Dujovne leaves his position in the middle of a deepening economic crisis, with the peso and Argentine assets on markets taking hits after a week of turubulence. MArkets reacted badly to last Sunday's PASOs, which saw Fernández emerge with a 15-point lead, severely damaging President Macri's chances of winning re-election.