Milei Unveils Austerity in Argentina, Despite Risks of Hardship
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New Argentine president Javier Milei, a self-described "anarcho-capitalist," unveils austerity measures including spending cuts and currency devaluation.
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Cuts include halting infrastructure projects, laying off recently hired government workers, reducing subsidies, and cutting payments to provinces.
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Milei says measures will bring more economic pain in the short term but are necessary after years of government overspending.
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Milei won election by promising sharp break from failed past economic policies, but has delayed proposals like eliminating central bank.
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Some relief offered to poorest families through doubled support payments and 50% boost to food subsidies, but reforms expected to increase poverty overall.