Argentina's Macri raises export taxes, slashes gov't ministries in bid to stabilize peso

Argentina's President Mauricio Macri has announced new austerity measures in an attempt to control the country's currency crisis. They include new taxes on exports and cutting government ministries by half - though it is not yet known which will be axed. The duties on agricultural exports would be a rollback on one of Macri's key campaign promises. Monday's announcement comes just days after Argentina's central bank raised interest rates to a world record of 60 percent.Macri said the new measures were needed to control what he called an "emergency" and to shore up the peso.The currency has lost more than half of its value against the dollar this year.