Key Points
Argentina. on Tuesday announced a sharp devaluation of its currency and cuts to energy and transportation subsidies as part of shock measures new President Javier. says are needed to deal with an economic emergency.. Economy Minister Luis Caputo said in a televised message the Argentine peso will be devalued by 50% to 800 to the U.S.. dollar from 400 pesos to the dollar...
For a few months, we're going to be worse than before, Caputo said, two days after the libertarian Milei was sworn in as president of the second largest economy in South America and immediately warned of tough measures...
But social leader Juan Grabois, who is close to former center-left president Cristina Fernndez (2007-2015), said that Caputo had announced a social murder without flinching like a psychopath about to massacre his defenseless victims...
As a candidate, Milei pledged to purge the political establishment of corruption, eliminate the Central Bank he has accused of printing money and fueling inflation, and replace the rapidly depreciating peso with the U.S. dollar...
But after winning, he tapped Caputo, a former Central Bank president, to be his economy minister and one of Caputos allies to helm the bank, appearing to have put his much-touted plans for dollarization on hold...
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