Argentina Announces Controversial Economic Measures Aiming to Cut Spending and Boost Revenue
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Argentina's new president, Javier Milei, has announced drastic economic measures including 50% currency devaluation, leading to soaring prices and inflation.
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The measures aim to cut public spending and increase revenues to gain international credibility, but economists warn of 30-40% monthly inflation.
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Opposition and unions criticize the measures for worsening poverty and unemployment, with cuts impacting the working class and public works.
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Markets remain stable for now and the IMF praised the measures, but economists question the plan's political and social sustainability.
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The situation reminds Argentines of previous "shock therapies" that led to long and painful economic adjustments.