### Summary
Inflation in Argentina has reached 113%, pushing 40% of the population into poverty, as the country faces an economic collapse that could see the far-right return to power under Javier Milei, a rock-singing former sex coach who has threatened to abolish the central bank.
### Facts
- 💸 Argentina is experiencing an economic collapse with annual inflation reaching 113%, its highest in over 30 years.
- 💰 Inflation has pushed 40% of the population into poverty as soaring prices outpace wages.
- 📉 The crisis escalated when the central bank raised interest rates to 118% to halt a sell-off in government bonds and the Argentine peso, which hit a record low against the dollar.
- ⬇️ Inflationary pressures forced officials to devalue the peso by 18% on Monday, which some economists believe may fuel further inflation, possibly reaching 150%.
- 🏛️ The far-right, led by Javier Milei, a rock-singing former sex coach, has gained popularity and threatens to abolish the central bank if they come to power.
- 🌎 This serves as a stark contrast to the inflation battle faced by the Bank of England, where inflation stands at 6.8% and interest rates have been raised to 5.25%.
### Summary
🇦🇷 Argentina's right-wing populist presidential candidate Javier Milei assured the International Monetary Fund (IMF) that the country would not default on its debts if he is elected.
### Facts
- 🗳️ Milei, who gained popularity by criticizing the political establishment, became the surprise frontrunner in Argentina's national primaries.
- 💰 Argentina currently has a $44bn loan program with the IMF and Milei assured officials that the country would continue to make payments and not default on its debts.
- 🗣️ During a virtual meeting with IMF officials, Milei outlined his economic proposals, which include fiscal adjustments, opening up the economy, labor law reform, spending cuts, and ending the Central Bank.
- 🇨🇱 The peso devalued and consumer prices surged after Milei's victory, causing market uncertainty.
- 🤝 The IMF also met with Patricia Bullrich, the main opposition coalition's presidential candidate, as part of routine engagements with political and economic stakeholders.
- 🗳️ Milei and Bullrich will compete against Minister of Economy Sergio Massa in the October elections, where a candidate needs to secure at least 45 percent of the votes to win outright.
Argentina is experiencing an economic collapse with annual inflation reaching 113%, pushing 40% of the population into poverty, and potentially leading to the return of the far-right under Javier Milei.
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Argentina is facing the highest triple-digit inflation in over three decades, potentially reaching near 200% by year-end, which is causing increased poverty, anger among voters, and memories of past economic crises.
María Barro, a domestic worker in Buenos Aires, supports the idea of dollarizing Argentina's economy as a hedge against inflation and the devaluation of the local peso, but is undecided about voting for libertarian candidate Javier Milei due to his aggressive style; Milei's dollarization plan has sharply divided opinion, with supporters arguing it is a solution to inflation while detractors say it would sacrifice the country's ability to set interest rates and control money circulation.
Argentina's peso currency is at risk of another devaluation after the upcoming presidential election, with estimates suggesting a 16.6% devaluation in the three months following the vote.
Argentines face daily challenges in trying to find deals and lower prices as the country's inflation skyrockets above 100%, leading to a cost-of-living crisis and increased poverty levels.
Argentina is facing skyrocketing inflation, with consumer prices soaring by 12.4 percent in August and an annual inflation rate of 124.4 percent, putting the ruling coalition on the defensive ahead of the upcoming presidential race.
Argentine presidential candidate Javier Milei, known for his radical and aggressive style, has gained momentum in the country's political landscape with his promises to tackle economic volatility, inflation, and decline, as well as his pledge to dollarize the economy. He is seen as the front-runner in the upcoming October election, although his aggressive style has both appealed to and put off voters.
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Argentina is facing a currency crisis and high levels of inflation, but the annual Mundial de Tango competition continues to take place amidst the economic chaos.
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Argentina's center-right presidential candidate, Patricia Bullrich, would not seek new loans from the IMF if she wins the upcoming general election, but instead aims to manage the country's existing debt with the global lender, according to a top advisor; this comes as Argentina's economy continues to struggle with high inflation and a deteriorating local currency.
Presidential front-runner in Argentina argues for the elimination of the peso and the closing of the central bank, citing the country's history of hyperinflation and corruption.
Javier Milei, the "anarcho-capitalist" presidential candidate in Argentina, gained popularity by promising to dollarize the economy and provide a solution to the country's economic crisis. However, economists and the IMF have raised concerns about the feasibility of dollarization as a solution.
Argentina's upcoming presidential election, which is causing uncertainty in the markets, could potentially lead to the rise of a radical libertarian candidate whose policies are unpredictable for investors.
The handwritten notebooks of a Buenos Aires barber chronicle the devastating impact of Argentina's 19,900% inflation over several decades, with current President Alberto Fernandez overseeing the fastest price rises in the past 30 years, driving up poverty rates and causing a decline in purchasing power.
The notebooks of a Buenos Aires barber chronicle 19,900% inflation in Argentina over three decades, with current President Alberto Fernandez experiencing the fastest price rises of any administration, creating a cost of living crisis and driving voters towards a right-wing radical.
Argentina's peso hits a historic low of 1000 pesos per US dollar on the black market as the country's inflation remains high and uncertainty ahead of the presidential elections increases demand for hard currency.
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Venezuelans are facing an ongoing political, social, and economic crisis, with skyrocketing inflation, unemployment, and food shortages, leading to increased migration and a deepening sense of apathy and disgust towards politics among the population.
Despite Javier Milei leading the polls and proposing dollarisation, Argentina's economic problems are deeply rooted in political issues and require more than just a quick fix.
Argentina's leading candidate, Javier Milei, is advocating for dollarization and the abolition of the central bank in an effort to address the country's economic crisis, which includes high inflation, a weak currency, and mounting debt. The outcome of the election remains uncertain, and the next government will face significant challenges in managing inflation and FX reserves.
Argentina's powerful Kirchner political dynasty is facing a decline in their dominance as far-right outsider Javier Milei gains popularity due to voter anger over high inflation and economic crisis, threatening to disrupt the country's political power dynamics.
Argentina prepares to vote in presidential elections with libertarian Javier Milei in the lead, reflecting voters' anger at inflation, rising poverty, and a sliding peso currency, as Milei pledges radical economic measures such as privatization and dollarization, though a second-round run-off is expected.
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Investors in Argentina are preparing for a selloff as Economy Minister Sergio Massa performs better than expected in the presidential vote, reducing the chances of a market-friendly candidate winning outright; this is expected to lead to a further decline in bond prices and a weakening of the peso.
Argentina's ruling Peronist coalition performed well in the general election, setting the stage for a run-off vote between Economy Minister Sergio Massa and far-right radical Javier Milei, leading to policy uncertainty and potential volatility in Argentine assets.
