Buenos Aires: Argentinian President Mauricio Macri says his country's looming economic crisis is over, after the local currency recovered somewhat on Wednesday.

Macri announced last week that Argentina was seeking a financing bailout from the International Monetary Fund following a sharp drop in the peso, prompting mass protests on the streets of Buenos Aires.

The decision brought back haunting memories for Argentinians who blame the IMF for policies that led to the country's 2001 economic implosion.

Unions and opposition grassroots movements marched against price hikes, inflation, and the idea of an IMF cloud hanging over the nation again.

"We want to show, in particular, who the families are that are affected by these measures and also point out that what they are doing is a tragedy. While today they are guaranteed billions of dollars of profit to certain sectors, there are families who do not have anything to eat, that is the reality," Daniel Menendez of Neighbourhoods Rise Up, told Reuters.