Milei Pursues Radical Reforms and Dollarization to Rescue Argentina's Chaotic Economy
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Argentina's new president, Javier Milei, has taken aggressive steps to reform the economy, including devaluing the currency and cutting subsidies.
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Milei aims to eventually "dollarize" Argentina's economy by retiring the peso and adopting the US dollar as the national currency.
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The initial reforms have accelerated inflation, leading to price increases and economic turmoil.
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Milei appointed an economy minister who plans to freeze the peso supply, let it float freely, then convert assets to US dollars.
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Experts question whether dollarization can succeed amid Argentina's chaos, but Milei allies argue there are enough dollars already in the economy.