Reuters/Siphiwe Sibeko
Here is what you need to know.
South Africa enters a recession. The South African economy contracted 0.7% quarter-over-quarter in Q2, making for two consecutive quarters of negative growth and sending the rand down 2.45% to 15.2227 per dollar.
Argentina launches a sweeping new austerity program to try to solve its economic crisis. Argentina late on Monday revealed new austerity measures — including an increase in export tariffs for grains such as soybeans and a halving of the number of government agencies — aimed at reducing the country's huge budget deficit.
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