Posted 12/13/2023, 12:20:14 PM
Milei Unveils Controversial Austerity Plan for Argentina, Including 50% Currency Devaluation
- New Argentine president Milei slashes peso's value by 50% against US dollar in radical austerity plan
- Austerity measures also include sweeping subsidy cuts, cancelling public works projects, axing 9 ministries
- Government to double social spending for poorest to help them absorb economic shock
- Milei argues harsh measures necessary to avoid "catastrophe" like hyperinflation
- Left-wing critics blast plans as "social murder", warn cuts will halve people's purchasing power and spark protests