### 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.
Argentinian libertarian candidate Javier Milei, who is a bitcoin advocate and calls for the abolition of the central bank, won the Argentinean primary election, raising broader questions about the global experience for cryptocurrency holders in inflation-prone countries.
Javier Milei, the radical presidential front-runner in Argentina, may need time to fulfill his campaign promises of scrapping the peso currency and reducing taxes on grains if elected, according to advisers, who suggest he could use executive decrees to avoid congressional obstacles.
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.
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 is facing a presidential election amid an economic crisis marked by soaring inflation, recession, and a high poverty rate, with leading candidates divided over how to address these issues, including a suggestion to dollarize the economy.
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.
Argentina's outgoing president, Alberto Fernandez, has laid criminal charges against presidential candidate Javier Milei, accusing him of "public intimidation" after Milei criticized the Argentine peso; Milei responded by accusing Fernandez of dirtying the electoral process as the country's already-heated election campaign continues.
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