Why Argentina’s shock measures may be the best hope for its ailing economy
1 year ago

Why Argentina’s shock measures may be the best hope for its ailing economy

Associated Press  

WASHINGTON — The painful economic steps that Argentina’s new president, Javier Milei, announced this week sound draconian: Slashing the currency’s value in half. “A recession next year is unavoidable,’’ said Martin Castellano, head of Latin American research at the Institute of International Finance, a banking trade group that is forecasting that Argentina’s economy will shrink 1.3% in 2024. As a result, the official exchange rate made the peso look stronger than it actually was — around 400 pesos for every U.S. $1 before the devaluation that Milei’s government announced Tuesday. Juan Grabois, an activist who is close to former center-left President Cristina Fernández, said that Milei’s government has announced “a social murder without flinching like a psychopath about to massacre his defenseless victims.” Milei campaigned as a radical reformer, calling himself an “anarcho-capitalist’’ and theatrically brandishing a chainsaw to illustrate his commitment to budget cutting. He would close the country’s discredited central bank, he said, and “dollarize’’ Argentina by replacing the beleaguered peso with the U.S. dollar.

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Argentina exits recession in win for libertarian president Milei
1 week ago

Argentina exits recession in win for libertarian president Milei

CNN  

London CNN — Argentina has come out of a deep recession in a major victory for the country’s unorthodox President Javier Milei, who has spent the past year enacting sweeping — and painful — reforms in Latin America’s third-largest economy. Argentina’s flagship Merval stock index, which tracks around two dozen of the country’s most valuable listed companies, closed more than …

Argentina's Milei touts U.S. trade deal, says 'happy times' ahead
1 week, 6 days ago

Argentina's Milei touts U.S. trade deal, says 'happy times' ahead

Raw Story  

Argentine President Javier Milei promised Tuesday that inflation will soon be "little more than a bad memory" and vowed to pursue a free trade deal with the United States next year. "Happy times are coming in Argentina," Milei said in a televised speech, in which he celebrated progress on monthly inflation which has dropped under his cost-slashing agenda, even as …

Argentina’s Milei marks one year in office. Here’s how his shock measures are reshaping the economy
2 weeks ago

Argentina’s Milei marks one year in office. Here’s how his shock measures are reshaping the economy

Associated Press  

BUENOS AIRES, Argentina — When libertarian President Javier Milei assumed office one year ago, Argentine supermarkets were marking price increases on an almost daily basis. Share Share Copy Link copied Email Facebook X Reddit LinkedIn Pinterest Flipboard Print Inflation: a priority Inflation, Argentina’s perpetual scourge and Milei’s top priority upon coming to office, slowed from a monthly rate of 25.5% …

Argentina’s economy: What Milei’s chainsaw approach has delivered in a year
2 weeks ago

Argentina’s economy: What Milei’s chainsaw approach has delivered in a year

CNN  

London/Bogota/Buenos Aires CNN — Javier Milei swept to power in Argentina a year ago on a ticket to tackle chronic hyperinflation and overhaul the long-suffering economy. “One of the key underlying issues of Argentina’s woes the overvalued peso, which is eroding Argentina’s external competitiveness,” Kimberley Sperrfechter, emerging markets economist at consultancy Capital Economics, wrote in a recent note. Milei frequently …

A year into Javier Milei’s presidency, Argentina’s poverty hits a new high
2 weeks, 3 days ago

A year into Javier Milei’s presidency, Argentina’s poverty hits a new high

Al Jazeera  

Buenos Aires, Argentina – Marianela Abasto, 24, had never been to a soup kitchen before. “I don’t know what we are going to do.” Abasto is one of the increasing numbers of Argentinians who fell deeper into poverty during the first year of Javier Milei’s presidency. That spike has led experts and advocates to increasingly question Milei’s “chainsaw” approach to …

A year into Javier Milei’s presidency, Argentina’s poverty hits a new high
2 weeks, 3 days ago

A year into Javier Milei’s presidency, Argentina’s poverty hits a new high

Al Jazeera  

Buenos Aires, Argentina – Marianela Abasto, 24, had never been to a soup kitchen before. “I don’t know what we are going to do.” Abasto is one of the increasing numbers of Argentinians who fell deeper into poverty during the first year of Javier Milei’s presidency. That spike has led experts and advocates to increasingly question Milei’s “chainsaw” approach to …

How Argentina's chainsaw-wielding Milei proved Leftist economists wrong
3 weeks ago

How Argentina's chainsaw-wielding Milei proved Leftist economists wrong

India Today  

"However, while apparently simple solutions may be appealing, they are likely to cause more devastation in the real world in the short run, while severely reducing policy space in the long run," cautioned over 100 economists in a letter to Argentinians a year ago. The financially battered South American nation was on the verge of choosing its next president, with …

Javier Milei, free-market revolutionary
3 weeks, 3 days ago

Javier Milei, free-market revolutionary

Live Mint  

Sometimes familiarity breeds fondness. For Mr Milei the lesson is clear: “anything I can do to remove the interference of the state, I’m going to do." View Full Image Graphic: The Economist Mr Milei says he has tried to make sure that the cuts fall upon the state itself, more than its poorest citizens. Now Mr Milei trumpets that “Argentina …

Javier Milei, Argentina President who 'chainsawed' his Federal Bureaucracy, issues major advice to Elon Musk
1 month ago

Javier Milei, Argentina President who 'chainsawed' his Federal Bureaucracy, issues major advice to Elon Musk

Hindustan Times  

Javier Milei, the President of Argentina, became the first political figure to meet with Donald Trump after his resounding presidential election victory, snapping pictures, and mingling with US senators at Mar-a-Lago. Javier Milei's administration has so far lowered public university budgets by thirty percent During his brief US visit, the self-described “anarcho-capitalist” Milei held talks with podcaster Lex Fridman. The …

Argentina investors bet on Milei’s popularity a year after his election
1 month ago

Argentina investors bet on Milei’s popularity a year after his election

Live Mint  

* Investors confident in Milei's economic reforms * Argentina's stocks and dollar bonds score significant returns * Potential U.S. support could aid Argentina's IMF negotiations By Rodrigo Campos NEW YORK, Nov 18 - Investors who have been rewarded for their bets on Argentine President Javier Milei are doubling down on the country's stocks and bonds even as they hit records, …

Scientists fear underfunded Argentina research on verge of collapse
2 months, 3 weeks ago

Scientists fear underfunded Argentina research on verge of collapse

Hindustan Times  

Argentine biochemist Alejandro Nadra worries that President Javier Milei's budget cuts will undo his scientific quest to unravel the cause of genetic diseases that disable and kill millions. Scientists fear underfunded Argentina research on verge of collapse Since taking office last December, budget-slashing Milei has frozen public university and research budgets even as annual inflation stands at 236 percent. The …

Argentina’s President Milei presents 2025 budget, vowing austerity and setting up a showdown
3 months, 1 week ago

Argentina’s President Milei presents 2025 budget, vowing austerity and setting up a showdown

Associated Press  

BUENOS AIRES, Argentina — Libertarian President Javier Milei of Argentina presented the 2025 budget to Congress late Sunday, outlining policy priorities that reflected his key pledge to kill the country’s chronic fiscal deficit and signaled a new phase of confrontation with lawmakers. The president’s budget proposal followed a week of political clashes in the legislature — where Milei controls less …

Argentina’s Milei to veto pension reform to push through austerity measures
4 months ago

Argentina’s Milei to veto pension reform to push through austerity measures

Al Jazeera  

The Senate defied the president by approving a pension increase to match the country’s triple-digit inflation rate. Argentina’s President Javier Milei is set to veto a pension reform passed by the Senate in a move that is likely to widen the rift between the libertarian leader and the opposition-controlled Congress. “ only objective was to destroy the government’s economic programme,” …

Argentine Senate passes pension spending increase in a blow to President Milei’s radical austerity
4 months ago

Argentine Senate passes pension spending increase in a blow to President Milei’s radical austerity

Associated Press  

BUENOS AIRES, Argentina — Argentina’s Senate defied President Javier Milei on Thursday to push through an increase to pension spending that would cost at least 0.4% of the country’s gross domestic product, dealing a blow to his tough austerity program. But the pension law, which sets more than an 8% increase in retirement benefits this year, threatened to revive investors’ …

Under President Milei, the worst economic crisis in decades puts Argentine ingenuity to the test
5 months ago

Under President Milei, the worst economic crisis in decades puts Argentine ingenuity to the test

Associated Press  

BUENOS AIRES, Argentina — In the crush of anti-government protests paralyzing downtown Buenos Aires in the last months, some Argentines saw a traffic-induced headache. “It’s the famous resilience of Argentines,” said Gustavo González, a sociologist at University of Buenos Aires. People eat a hot meal provided by the organization “Red Solidaria,” or Solidarity Network, at an open-air soup kitchen set …

Argentina’s inflation edges up in June, breaking a months-long streak in a blow to President Milei
5 months, 1 week ago

Argentina’s inflation edges up in June, breaking a months-long streak in a blow to President Milei

Associated Press  

BUENOS AIRES, Argentina — A closely watched measure of inflation in Argentina was stronger than the libertarian government of President Javier Milei would have hoped on Friday, as the official statistics agency reported prices edging up in June and breaking a months-long streak of declines. President Milei has touted the falling prices over recent months as a victory in his …

Milei’s Economic Overhaul Faces These Four Hurdles
5 months, 2 weeks ago

Milei’s Economic Overhaul Faces These Four Hurdles

Bloomberg  

Argentina’s president, Javier Milei, warned voters on the campaign trail last fall that the “shock therapy” he would use to stabilize the country’s serially ailing economy would be painful, and his prediction has come true. Consumer price inflation has accelerated since Milei took office on Dec. 10: Prices are up more than 100% through May — and 276% from a …

Argentina yields surplus with Milei's bold revamp
5 months, 3 weeks ago

Argentina yields surplus with Milei's bold revamp

China Daily  

File photo of Argentine President Javier Milei. In a move that underscores the effect of Argentine President Javier Milei's stringent economic policies, the country posted its fifth consecutive monthly fiscal surplus in May, the largest to date. "The swap itself, utilized last year, also demonstrates its importance for Argentina as a mechanism, particularly in the context of a severe drought …

Argentina yields surplus with Milei's bold revamp
5 months, 3 weeks ago

Argentina yields surplus with Milei's bold revamp

China Daily  

By JIMENA ESTEBAN in Buenos Aires, Argentina | China Daily Global | Updated: 2024-07-02 09:40 File photo of Argentine President Javier Milei. Argentina's Foreign Minister Diana Mondino visited China in May as part of the first official visit from Milei's government. She told China's Foreign Minister Wang Yi, "No matter how Argentina's internal political situation changes, its friendly policy toward …

President Milei’s radical state overhaul officially becomes law after months of debate and protests
5 months, 3 weeks ago

President Milei’s radical state overhaul officially becomes law after months of debate and protests

Associated Press  

BUENOS AIRES, Argentina — Argentina’s lower house on Friday approved President Javier Milei’s sweeping economic overhaul bills, sealing a much-needed legislative victory for the libertarian leader after six months of bruising battles and raucous protests that had raised questions about his ability to govern. Milei’s landmark legislation, which seeks to support his “zero fiscal deficit” plan and attract foreign investment, …

Argentina’s president promises to quash corruption then shocks with his Supreme Court pick
6 months ago

Argentina’s president promises to quash corruption then shocks with his Supreme Court pick

Associated Press  

BUENOS AIRES, Argentina — Campaigning last year as a libertarian outsider, Javier Milei electrified rallies with his vows to destroy Argentina’s corrupt political elite. But Lijo has allies across the political spectrum, and Milei predicts an easy confirmation, even though the president’s political isolation has frustrated his efforts to get a single bill passed in six months. “If Milei can …

Javier Milei, the hard rocker in Argentina’s highest office, turns his book talk into wild show
7 months ago

Javier Milei, the hard rocker in Argentina’s highest office, turns his book talk into wild show

Associated Press  

BUENOS AIRES, Argentina — A book presentation about neoclassical economic theory may not sound like a crowd-pleaser. “First, check there is no state intervention.” Milei had initially planned to promote his book at the Buenos Aires International Book Fair, the country’s largest literary event that kicked off earlier this month. His love for rock music dates back to high school, …

Spain withdraws its ambassador to Argentina over President Milei’s insults, escalating crisis
7 months ago

Spain withdraws its ambassador to Argentina over President Milei’s insults, escalating crisis

Associated Press  

BUENOS AIRES, Argentina — A diplomatic crisis between historic allies Spain and Argentina expanded Tuesday as Spain announced the official withdrawal of its ambassador from Buenos Aires and Argentine President Javier Milei lambasted the move as “nonsense typical of an arrogant socialist.” Spain said its ambassador to Argentina would remain indefinitely in Madrid, where she had been recalled for consultations …

Argentina will get next installment of bailout as IMF praises Milei’s austerity policies
7 months, 1 week ago

Argentina will get next installment of bailout as IMF praises Milei’s austerity policies

Associated Press  

BUENOS AIRES, Argentina — The International Monetary Fund, Argentina’s biggest creditor, agreed Monday to release the next tranche of loans due under a bailout program, endorsing government austerity measures so severe they even surpass the terms of its $43 billion loan. The IMF deal follows the completion of its review of Argentina’s compliance record and confirms the next $792 million …

This fiery economist became Argentina’s president railing against politicians. Now he’s wooing them
7 months, 3 weeks ago

This fiery economist became Argentina’s president railing against politicians. Now he’s wooing them

Associated Press  

BUENOS AIRES, Argentina — When interviewed about his plans after a shock electoral victory last fall, Argentina’s President-elect Javier Milei gave his go-to answer in a blink: “To exterminate inflation.” “After that.” he trailed off, as though searching for anything else that could possibly matter. “He’s now using carrots and sticks to get what he wants.” Indeed he got what …

Argentina Central Bank Chief Among Top Officials Headed to China
8 months ago

Argentina Central Bank Chief Among Top Officials Headed to China

Live Mint  

-- Argentina’s top government officials are preparing to visit China in the next few weeks as President Javier Milei ditches his aggressive rhetoric against Beijing in a bid to deepen ties with a key trade partner. Details of the trips are still not finalized, but among the pressing issues in the bilateral agenda is an $18 billion currency swap between …

President Milei of cash-strapped Argentina starts another US tour, plans to meet Elon Musk
8 months, 1 week ago

President Milei of cash-strapped Argentina starts another US tour, plans to meet Elon Musk

Associated Press  

BUENOS AIRES, Argentina — President Javier Milei of Argentina kicked off a visit Wednesday to the United States, where he’ll meet with tech billionaire Elon Musk, as his government seeks an infusion of cash to overhaul Argentina’s embattled economy. In an event closed to the press, a Miami chapter of the Hasidic group Chabad-Lubavitch honored the president and Karina Milei, …

Argentina’s Milei takes his chainsaw to the state, cutting 15,000 jobs and spurring protests
8 months, 2 weeks ago

Argentina’s Milei takes his chainsaw to the state, cutting 15,000 jobs and spurring protests

Associated Press  

BUENOS AIRES, Argentina — Argentina said Wednesday that it had cut 15,000 state jobs as part of President Javier Milei’s aggressive campaign to slash spending, the latest in a series of painful economic measures that have put the libertarian government on a collision course with angry protesters and powerful trade unions. “It’s part of the work we are doing to …

Colombia expels Argentine diplomats after Milei calls Petro ‘terrorist murderer’ in CNN interview
8 months, 3 weeks ago

Colombia expels Argentine diplomats after Milei calls Petro ‘terrorist murderer’ in CNN interview

CNN  

CNN — The Colombian government has ordered the expulsion of all Argentine diplomats from the country’s embassy in Bogotá following a CNN interview in which the Argentine president called his Colombian counterpart a “terrorist murderer.” “The Argentine president’s expressions have deteriorated the trust of our nation and offended the dignity of President Petro, who was elected democratically,” the Colombian Foreign …

Vantage | Is Argentinian president's shock therapy helping the economy?
9 months ago

Vantage | Is Argentinian president's shock therapy helping the economy?

Firstpost  

For better or for worse, the fate of a nation lay in the hands of a president determined to reshape its destiny In the vibrant streets of Argentina, change was promised. Javier Milei rang in hope Javier Milei, a man of radical ideas and boundless ambition, took office with a singular promise - to shock the economy back to life. …

Milei’s first 100 days: Argentines struggle to make ends meet as support for president remains high
9 months ago

Milei’s first 100 days: Argentines struggle to make ends meet as support for president remains high

Associated Press  

BUENOS AIRES, Argentina — Sergio Gómez, a store owner in Buenos Aires, spends his days behind an empty counter, one nearly as empty as the large refrigerators in which he used to freeze meat. We don’t have the resources.” Gómez and his wife are among a large group of Argentines who say their economic situation is worse now than a …

Argentines struggle to survive as support for new president's 'shock therapy' remains high
9 months ago

Argentines struggle to survive as support for new president's 'shock therapy' remains high

ABC  

Sergio Gómez, a shop owner in Buenos Aires, spends his days behind an empty counter, one nearly as empty as the large refrigerators in which he used to freeze meat. Mr Gómez and his wife are among a large group of Argentines who say their economic situation is worse now than a year ago as a consequence of a series …

First 100 days: Milei falters on shock therapy for Argentina’s economy
9 months ago

First 100 days: Milei falters on shock therapy for Argentina’s economy

Al Jazeera  

Milei is struggling to overcome hostile lawmakers to enact his radical austerity agenda even as social tensions rise. “Labour reform is a big issue for Milei.” Then, on March 14, Argentina’s Senate voted to reject the emergency decree in a further blow to the president. Having policies held up by lawmakers doesn’t look good.” Reform bill Days after he announced …

Argentina’s Milei vows to push economic reforms with or without parliament
9 months, 3 weeks ago

Argentina’s Milei vows to push economic reforms with or without parliament

Al Jazeera  

Argentina’s libertarian leader says he will ‘keep pushing forward’ with radical economic agenda. Argentina’s libertarian President Javier Milei has promised to keep pushing his agenda of radical economic liberalisation with or without the support of parliament. In a state-of-the-union-style address to lawmakers on Friday, Milei said he would “keep pushing forward” with a package of sweeping economic reforms aimed at …

Argentina’s president condemns threat by provincial governor to cut energy supplies in dispute
9 months, 3 weeks ago

Argentina’s president condemns threat by provincial governor to cut energy supplies in dispute

Associated Press  

BUENOS AIRES, Argentina — The government of Argentina’s libertarian President Javier Milei on Monday condemned a threat by the governor of the oil-rich province of Chubut to cut off energy supplies to the rest of the country amid a dispute over funding reductions. " Ignacio Torres — who belongs to Argentina’s main conservative bloc that has backed Milei — said …

Argentina lawmakers approve Milei's 'omnibus' reform bill; protests continue on streets
10 months, 3 weeks ago

Argentina lawmakers approve Milei's 'omnibus' reform bill; protests continue on streets

The Hindu  

Argentina's lower chamber of deputies gave overall approval to libertarian President Javier Milei's sweeping "omnibus" reform bill in a vote on Friday after days of debate, paving the way for a decisive vote in the Senate. Over the past few days, flag-waving protesters opposed to Mr. Milei's reforms have clashed repeatedly with riot police deployed outside the green-domed neoclassical congressional …

Argentina lawmakers approve Javier Milei's controversial reform bill despite lingering challenges
10 months, 3 weeks ago

Argentina lawmakers approve Javier Milei's controversial reform bill despite lingering challenges

India TV News  

Buenos Aires: The lower Chamber of Deputies of Argentina's National Congress on Friday approved libertarian President Javier Milei's controversial "omnibus" reform bill in a vote after several days of debate, paving the way for a decisive vote in the Argentinian Senate despite significant challenges remaining. The mammoth bill is a key plank of Milei's reform plans for Argentina's battered economy, …

Argentina lawmakers have approved Milei’s sweeping reform bill but much negotiating remains
10 months, 3 weeks ago

Argentina lawmakers have approved Milei’s sweeping reform bill but much negotiating remains

Associated Press  

BUENOS AIRES, Argentina — Argentina’s Chamber of Deputies on Friday approved in general terms a reform bill proposed by libertarian President Javier Milei to deregulate the economy, overcoming a hurdle for the sweeping initiative after three days of heated debate. On Friday, lower house lawmakers approved Milei’s initiative with 144 votes in favor and 109 against. Milei thanked opposition leaders …

Argentinians take to the streets to protest against new austerity measures
11 months ago

Argentinians take to the streets to protest against new austerity measures

Al Jazeera  

The president has said the austerity measures are due to years of overspending that have resulted in huge debts. The strike, coordinated by the umbrella union, the General Confederation of Labour, comes amid scrutiny of Milei’s two significant reforms: the “omnibus” bill going through Congress and a “mega-decree” deregulating the economy. “Milei wants a country where poverty and informal work …

‘Traitor’: Thousands strike against Argentina’s President Javier Milei
11 months ago

‘Traitor’: Thousands strike against Argentina’s President Javier Milei

Al Jazeera  

Organised by Argentina’s largest labour union, the walk-out brought cities to a halt, in protest of far-right reforms. But leaders from Argentina’s largest labour union say the nationwide protests reflect the urgency they feel as Milei pursues radical economic and political reforms he likens to “shock therapy”. Another protester, 63-year-old retiree Alicia Pereyra, voiced opposition to Milei’s efforts to deregulate …

IMF unlocks $4.7bn for Argentina amid economic crisis, Milei austerity cuts
11 months, 1 week ago

IMF unlocks $4.7bn for Argentina amid economic crisis, Milei austerity cuts

Al Jazeera  

Inflation has crossed 160 percent in Latin America’s third-biggest economy, with 40 percent of population living in poverty. Latin America’s third-biggest economy is facing dire economic challenges after decades of debt and financial mismanagement, with inflation surpassing 160 percent year-on-year and 40 percent of Argentinians living in poverty. With this deal, Argentina’s new President Javier Milei, who took power in …

Argentina announces that it will not join BRICS bloc
11 months, 3 weeks ago

Argentina announces that it will not join BRICS bloc

Al Jazeera  

The move is the latest shift in economic and foreign policy by newly elected hard-right President Javier Milei. Argentina has announced that it will not join the BRICS bloc of developing economies, fulfilling a campaign promise by newly elected far-right President Javier Milei who has pledged to pursue closer ties with the West. In this sense, some decisions made by …

What to know about Argentina's deregulation protests
1 year ago

What to know about Argentina's deregulation protests

NPR  

What to know about Argentina's deregulation protests Argentina's new president was inaugurated less than two weeks ago. SCOTT DETROW, HOST: This week the new president of Argentina, Javier Milei, deregulated an enormous swath of his country's economy. ARONCZYK: Now, because many of these changes were done by executive order - basically, president's choice - it's quite likely that some of …

Defying protests, Argentina’s Milei unveils decree to deregulate economy
1 year ago

Defying protests, Argentina’s Milei unveils decree to deregulate economy

Al Jazeera  

President plans to eliminate or change 300 regulations as part of economic ‘shock’ therapy. Argentina’s right-wing president has announced sweeping measures to deregulate the economy, in what critics fear could threaten jobs and affordable housing for millions of Argentinians. Javier Milei, who took office on December 10, said he was wiping out or amending some 300 regulations by emergency decree, …

Argentina’s president announces economy deregulation as thousands protest against austerity
1 year ago

Argentina’s president announces economy deregulation as thousands protest against austerity

Associated Press  

BUENOS AIRES, Argentina — President Javier Milei announced sweeping initiatives Wednesday to transform Argentina’s struggling economy, including easing government regulation and allowing privatization of state-run industries as a way to boost exports and investment. Argentina’s government cut transportation and energy subsidies and devaluated the peso by 50% as part of shock measures new President Javier Milei says are needed to …

Javier Milei wants to dollarize Argentina. What exactly does that mean? : Planet Money : NPR
1 year ago

Javier Milei wants to dollarize Argentina. What exactly does that mean? : Planet Money : NPR

NPR  

Dollarizing Argentina Argentina has been on a decades-long search for economic stability, but it always seems to be out of reach. In a country where the local currency is in free fall, promising to replace that currency with the US dollar can seem like a magical solution. Sponsor Message Argentina's new president, Javier Milei, won in part by promising to …

Anxiety and resignation in Argentina after Milei’s economic shock measures
1 year ago

Anxiety and resignation in Argentina after Milei’s economic shock measures

Associated Press  

BUENOS AIRES, Argentina — Julia González wonders how she will afford the three bus rides and train trip to her job in downtown Buenos Aires. These are some of the faces of anxiety that Argentines are dealing with after President Javier Milei’s administration announced economic shock measures aimed at tackling the country’s severe crisis, including a sharp devaluation of the …

Argentina Sharply Devalues its Peso Currency to Tame Inflation
1 year ago

Argentina Sharply Devalues its Peso Currency to Tame Inflation

Live Mint  

Argentina will devalue its peso currency and slash public spending to reduce the fiscal deficit in a bid to revive the economy and tame triple-digit inflation, the top economic official in President Javier Milei’s new government said Tuesday. Economy Minister Luis Caputo, unveiling the first economic measures since Milei’s inauguration as president Sunday, said the peso’s official exchange rate will …

Argentina weakens peso currency by 50% as part of shock economic measures
1 year ago

Argentina weakens peso currency by 50% as part of shock economic measures

Live Mint  

Argentina's newly formed government has weakened its peso currency. President Javier Milei, who has been sworn in as president of the second largest economy in South America devalued the peso over 50% to 800 per dollar as part of shock measures, needed to to deal with an economic emergency. Argentina economy minister Luis Caputo said the Argentine peso will be …

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