Argentine treasury minister resigns

BUENOS AIRES - Argentine Finance Minister Nicolas Dujovne stepped down on Saturday after a week of economic turmoil.

In his resignation letter to President Mauricio Macri, Dujovne said "under the present circumstances," the administration "needs a significant renewal in the economic area."

Argentina went through a week of economic turmoil after a shock primary election result on Sunday, when presidential candidate Alberto Fernandez trounced Macri.

The turmoil led to a substantial devaluation of the Argentine peso, a national stock market crash, and a plunge of Argentine companies' share prices on Wall Street.

On Wednesday, Macri rolled out a package of economic relief measures to appease voters, including a reevaluation of the minimum wage, a tax deferral for small businesses, and a tax cut that would benefit 2 million workers.

Dujovne did not support the measures in fear that they could violate fiscal targets set in the country's $56.3 billion loan agreement with the International Monetary Fund, according to local media.