Argentina Devalues Peso Drastically as New President Pursues Economic Reforms
• Argentina devaluing peso by over 50% to 800 pesos per dollar as part of economic reforms • New president Javier Milei campaigned on replacing peso with US dollar to stabilize economy • Devaluation is first of several measures to address hyperinflation and economic struggles • Other reforms include cuts to public works projects and transportation/energy subsidies • Milei aims to "reconstruct Argentina" after "100 years of decline," but expects temporary hardship