Argentina Devalues Currency, Announces Austerity Measures to Stabilize Economy
• Argentina devalued its currency by 50% from 400 to 800 pesos per US dollar • New president Javier Milei said shock economic measures are needed to address crisis • Measures include cuts to energy and transportation subsidies and some state jobs • IMF welcomed measures as "good foundation" for further debt discussions • Aims to reduce fiscal deficit, control inflation, and stabilize the economy